Not all funds are closed for 18 months. The fund will be closed for 18 months, and it must be closed for 18 months according to the fund contract. Funds that have been closed for 18 months are closed-end funds. The closing period of open-end funds generally does not exceed 3 months. Closed-end funds are also closed for different periods of time, such as half a year or one year. Not all closed-end funds are closed for 18 months.

Closed-end funds refer to a fund operation method in which fund shares are fixed during the term of the fund contract. Fund shares can be traded on legally established stock exchanges, but fund share holders are not allowed to apply for redemption. .