The closed period of an open-end fund refers to a period of time when investors no longer accept applications for redemption of fund shares after the fund has successfully raised enough declared fund shares.

On the one hand, the closed period of open-end funds is set to facilitate the fund backstage (registration center) 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. According to the Pilot Measures for Open-ended Securities Investment Funds, the closed period of funds shall not exceed 3 months.