The so-called closed period of open-end funds refers to a period of time when investors no longer accept applications for fund share redemption after the fund has successfully raised enough funds to be declared established. On the one hand, the closure period is set to facilitate the fund backstage (registration center) to make the best preparation for daily 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 Pilot Measures for Open-ended Securities Investment Funds, the closed period of funds shall not exceed 3 months. The specific time can be customized!