Holding a new fund for three months means that the new fund has a closed period of three months, during which it cannot be traded, and investors can only buy or sell it after the fund is listed and traded.

Closed period refers to the period when the new fund stops operating and is temporarily closed. First, the establishment of the new fund is to prepare for the future subscription and redemption of the fund. Secondly, the establishment of the new fund is to allow fund managers to take initial positions. The new fund may not be closed for three months (depending on each fund).