Closed-end period refers to the time period required for the fund manager to invest the funds in the established investment products according to the pre-set investment objectives and investment ratio after the fund raising, which generally does not exceed 3 months.

Closed period is a necessary stage for all kinds of funds from raising period to formal operation.

As for the closed-end fund, it is a kind of operation mode of the fund, as long as it refers to the fund variety that can only be traded in the secondary market after its establishment and has a fixed total share.