The closed period of the fund refers to the closed period of the open-end fund, that is, after the fund has successfully raised enough funds and announced that the fund contract will take effect, it will not accept the application of investors to redeem the fund shares according to the regulations. According to the Measures for the Administration of the Operation of Public Offering of Securities Investment Funds, the fund contract of an open-end fund may stipulate that the fund manager will not handle redemption within a certain period from the effective date of the fund contract, but the agreed period shall not exceed three months, and it shall be stated in the prospectus. However, the varieties of special funds specified by China Securities Regulatory Commission are excluded.

The purpose of setting up a fund closure period is to facilitate the fund backstage to make full preparations for future subscription and redemption, and at the same time help the fund manager to complete the previous investment arrangements according to the situation of the securities market.