Generally, the closure period of new funds is 3 months, during which the foundation will gradually open positions to meet the requirements of raising funds. Since it is a gradual opening of positions, it means that the purchase of various effective securities will inevitably lead to changes in assets, and the net value is calculated according to the total assets, so the net value will definitely change.

In the closed period, because the fund can not be redeemed, the net value is not announced every day, usually once on the weekend.

After the establishment of the fund, the fund manager began to open positions. Because the closing prices of securities assets such as stocks are not equal on each trading day, the net value of the fund will change, but due to the low closed-end position, the growth and change value will generally not be great.