The fund closure period refers to the period when investors no longer accept the application for fund share redemption after the fund successfully raises enough funds to declare the fund contract effective. According to the Measures for the Administration of the Operation of Securities Investment Funds, the closed period of the funds shall not exceed 3 months.

In other words, investors can't purchase and redeem the fund within 3 months after the fund contract takes effect, and can only wait patiently for up to 3 months before trading. What investors need to pay attention to is that there will be gains or losses during the closed period, which is a very normal phenomenon.