. One is the closed period of all LOF funds, that is, investors suspend the subscription and redemption of funds within a certain period of time (usually no more than three months) after the fund subscription, similar to the open period after the establishment of ordinary funds. The other is for some "closed operation" funds. If the fund contract stipulates that it will be closed for three years, the subscription and redemption of investors will be suspended within three years after the establishment of the fund, and the share will remain unchanged. Investors can't purchase and redeem LOF funds during the fund closure period, but they can transfer their LOF fund shares to Shenzhen Stock Exchange through cross-system transfer custody, and buy and sell LOF funds as conveniently and quickly as A shares. Whether it can be traded on the Shenzhen Stock Exchange has nothing to do with the closing time. It depends on when the fund goes public. After the fund is listed on Shenzhen Stock Exchange, investors can trade fund shares on the exchange.