Generally, funds with a closed period are called closed-end funds. There are also strategic placement funds and initial launch funds that also have a closed period.

A closed-end fund is a securities investment fund whose issuance period and total amount of fund issuance have been determined when it is established. Investors in this fund cannot redeem fund shares and must realize them through listing and trading on the stock exchange.

Closed-end funds generally have a closing period of fifteen years.

The difference between closed-end funds and open-end funds 1. Different deposit periods: Closed-end funds have a closing period of ten to fifteen years, which can be extended appropriately with the consent of the beneficiary meeting and the competent authority.

Open-end funds, on the other hand, do not have a fixed period and investors can redeem them at any time; 2. The purchase variability is different: closed-end funds specify the size in the prospectus and the total amount is fixed after issuance. They cannot increase issuance without going through legal procedures. Open-end funds generally

There is no limit on the issuance scale; 3. Different redeemability: During the closed period, closed-end funds cannot be redeemed and can be used for transfer transactions on the stock exchange; open-end funds have redeemability; 4. Price calculations are different: closed-end funds

Fund transaction prices are affected by market supply and demand, and are usually traded at a discount. The subscription price of open-end funds is generally the net asset value of the fund unit plus a certain purchase fee, which has little impact on market supply and demand.