The opening period of the Fund refers to the period during which investors can handle business such as subscription, conversion and redemption. The closed period of this fund is an open-end fund. After the fund raising period is over, the fund will enter a closed period, and investors' business requirements such as subscription, conversion and redemption will not be accepted at this stage. However, during this period, the fund contract purchased by investors has taken effect. According to the relevant provisions of the Securities Investment Fund Law, the closed period of the fund shall not exceed 3 months.

The closed period of the establishment of the fund is conducive to the comprehensive registration and filing of the fund in the background, that is, the registration center, so as to prepare for investors' future purchase and redemption. Similarly, the establishment of a closed-end fund is also conducive to fund managers to complete the initial investment arrangements for the funds raised in the open-end period according to the situation of the securities market and make long-term plans for the future development of the fund. Take open-end funds as an example. From fund raising to fund manager's investment, the fund has gone through four periods, namely, fund raising period, manager's capital verification period, fund closure period and fund normal subscription and redemption period. It should be noted that the situation of investors buying and selling fund shares in these four periods will be different.