Hello, the closed period of open-end fund means that after the fund successfully raises enough declared funds, it will not accept investors' application for redemption of fund shares for a period of time. On the one hand, it is to facilitate the fund background 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. The closed period of open-end funds shall not exceed 3 months.