Closed-end funds cannot be redeemed during the closed period. If a closed-end fund has a regular open day, it can be redeemed on the regular open day. If the fund does not have a regular open day, it can only be redeemed after the fund is listed and traded.

Closed-end fund refers to a fund that operates in a closed way after its establishment. The total size of the fund is fixed, and investors can only apply for redemption before the fund is regularly opened or listed, so the liquidity is poor.