The so-called fund raising period is from the announcement of the fund prospectus to the establishment of the fund, which can actually be said to be the issuance period of the fund. During this period, the fund company will sell the fund through direct sales, consignment agencies or banks. During the fund raising period, investors can only buy funds, which is also called fund subscription. The price for investors to subscribe for the fund is calculated according to the net fund share (i.e. 1 yuan). There will be certain restrictions on the number of subscription shares of the fund. If the number of shares is reached in advance, the fund raising period can be ended in advance, and the fund cannot be confirmed if it exceeds the quota. If the scale of raising does not reach the scale stated in the pre-announcement, the fund cannot be established. The fund-raising period is generally 1 to 3 months.

The so-called closed period of open-end fund refers to a period of time when investors do not accept the application for fund share redemption after the fund successfully raises enough funds to declare the fund contract effective. On the one hand, the closure period is set to facilitate the fund backstage (registration center) to make the best preparation for future subscription and redemption; On the other hand, the fund manager can complete the preliminary investment arrangement according to the situation of the securities market. According to the Measures for the Administration of the Operation of Securities Investment Funds, the closed period of the funds shall not exceed 3 months.

After the fund closure period, investors can buy and sell funds normally, that is, the duration of the fund. At this time, the fund subscription is called the fund subscription, and the fund price is different from the fund subscription, which is calculated according to the closing price of the day. The duration of closed-end funds is at least 5 years, generally 10- 15 years. Closed-end funds can be extended after expiration. As long as the fund holders recognize the operation of the fund, the duration of the open-end fund can last for a long time.