On November 14, three funds, including the E Fund Ruyi Ying'an 6-month Holding Hybrid Fund of Funds (FOF) and the E Fund Technology Pioneer Hybrid Securities Investment Fund, announced early closures of their subscription periods. This brings the total number of funds that have ended subscriptions ahead of schedule this year to 375.

Among these funds, equity funds have seen a significant increase in proportion. According to Wind data, as of November 14, 225 out of the 375 funds that closed early were equity funds, accounting for 60%—a 17.75 percentage point increase from 42.25% during the same period last year.

Yang Delong, Chief Economist at Qianhai Kaiyuan Fund, commented, "The frequent early closures of public fund subscriptions this year are largely due to the recovery of the A-share market, with standout performances in certain sectors, particularly technology. Early subscription closures reflect heightened investor interest in entering the market."

Jiang Rui, a researcher at Beijing GES Fund Sales Co., noted that this trend indicates a shift of capital from stable assets to equity assets, signaling stronger investor optimism about future market performance.

Breaking it down further, among equity funds, passive index funds accounted for over 50% of early closures, with 115 cases. For example, the Tianhong CSI Segmented Chemical Industry Theme ETF, which began subscriptions on November 10, 2025, moved its deadline from November 21 to November 12. Similarly, the ChinaAMC S&P HK Connect Low Volatility High Dividend ETF, launched on November 10, advanced its deadline from November 14 to November 12.

Active equity funds have also seen an uptick in early closures, with some even becoming "one-day sellouts." For instance, the China Europe Xinyue Return One-Year Holding Hybrid Fund, a partial equity hybrid fund, started subscriptions on November 13 and exceeded its 1.5 billion yuan fundraising cap on the same day.

Yang Delong added, "Early subscription closures allow fund managers more time to build positions strategically, enabling them to capitalize on market opportunities and provide investors with a better experience."

Jiang Rui emphasized that early closures help managers lock in fundraising targets quickly, avoiding missed market windows due to prolonged subscription periods. Additionally, it allows for better alignment of investment strategies, with moderate fund sizes being more conducive to pursuing excess returns.

However, experts caution investors to make rational choices when selecting funds. Yang Delong advised, "While early closures may create a perception of high demand, investors should avoid blindly chasing such products. It’s crucial to review fund announcements and conduct thorough research before committing."

Jiang Rui pointed out that early closures do not necessarily correlate with fund quality. Factors such as market sentiment and issuance strategies play a role, and investors should focus on fund investment scopes (matching their risk preferences), managers’ track records, and fee structures.