The duration of the fund, for closed-end funds, refers to the process from the establishment of the fund to liquidation, that is, from the time when the fund is established.

Closed-end funds will be closed after their establishment and will no longer accept subscription and redemption. According to the regulations, closed-end funds have a fixed duration of at least five years. At present, the common closed-end funds in the market generally last for ten or fifteen years. The end of the duration means that the time limit of the fund is coming. After liquidation, the funds will be returned to the investors, and then the fund will die.