The liquidation period is used to open positions, that is, investment. For example, stock funds should choose to buy stocks, and bond funds should choose to buy bonds.

Closed-end fund refers to a fund operation mode in which the fund share is fixed within the term of the fund contract, and the fund share can be traded on a legally established stock exchange, but the fund share holder may not apply for redemption.

Open-end fund refers to a fund operation mode that the fund share is not fixed and can be purchased or redeemed at the time and place agreed in the fund contract.