The closure period is generally 3 months. Closed period refers to the time when the fund manager can't accept the subscription, redemption and other businesses within the time limit stipulated in the fund contract and prospectus at the initial stage of the establishment of an open-end fund. The process from raising funds to investing in open-end funds has gone through three periods, namely, raising period, closing period and normal subscription and redemption period. In these three periods, investors buy and sell fund shares in different ways.

Closed-end funds have a clear duration, during which the issued fund shares cannot be redeemed. Although this kind of fund can be raised under special circumstances, it must meet strict legal conditions. Closed-end investment funds pay investors in the form of dividends, interest and realizable capital gains after receiving income. Although the unit price of closed-end investment funds is based on the net asset value of the funds.

However, it changes with the change of supply and demand in the securities market, or it is higher or lower than the net asset value of the fund, which is not necessarily equal to the net asset value of the fund.

The main difference between closed-end funds and open-end funds lies in whether the fund share can be redeemed or whether the fund scale can be changed. The share of closed-end funds cannot be redeemed, so the total capital is fixed; The share of open-end funds is redeemable, so the total capital is variable.