Since the 1920s, filmmakers have been using this phrase when principal photography is concluded and the film is ready to go into post-production.
[1][2] At that point, it is traditional to hold a wrap party for the cast and crew of the film.
[3][4] This marks the end of the actors' collaboration with each other, the director, producer, and crew on the film (except for possible dubbing or pick-ups).
However the leading cast members may be called in several months or years later to help promote the film when it is ready to be released.
The term "wrap" is sometimes incorrectly said to be an acronym for "Wind, Reel, And Print", though this is a backronym and there are no industry citations for this source.