Closed-end funds have a fixed duration, generally more than 5 years, generally 10 or 15, which can be appropriately extended with the consent of the beneficiaries' meeting and the consent of the regulatory authorities.

China's "Securities Investment Fund" stipulates that the duration of closed-end funds should be more than 5 years, and they can be extended through certain legal procedures after expiration. At present, the duration of closed-end funds in China is mostly around 15 years.

The duration of closed-end funds is the term of closed-end funds, which refers to the time from the establishment to the termination of funds. The expiration of the fund term means the termination of the fund, and the manager shall organize a liquidation group to make assets verification of the fund assets, and distribute the net assets of the fund fairly and reasonably according to the proportion of investors' capital contribution.