Closed-end funds usually have a fixed duration. At present, the duration of closed-end funds in the market is 10 year or 15 year. The state stipulates at least five years. Upon maturity, the duration can be extended with the approval of the fund holders' meeting and the consent of the regulatory authorities.

However, open-end funds have no fixed duration. If the fund operation is approved by the fund holders, it can continue to operate.