A two-year fixed-term fund refers to a fund that is opened regularly every two years. During the opening period, the fund share can be changed, and investors can purchase and redeem it. "Fixed opening" of fixed-term funds means regular opening. There are many kinds of closed periods of fixed-term funds, among which 3 months, 6 months, 12 months, 24 months, two years or three years are more common. The outcome is uncertain, with good and bad. It is an innovative fund category with "regular opening and circulating operation", which not only contains the characteristics of closed-end funds, but also does not face "transformation" after opening up.

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First, the literal meaning of "fixed-opening" fund is very clear. It is "regular opening"-the subscription and redemption business is only opened within the specified time. We can only trade during this opening period, and we can't trade at other times. Fixed fund is a special closed-end fund launched in 212. It can be said that it combines the characteristics of open-end funds and closed-end funds. In the closed period of 3 months, 6 months, 1 year, 2 years and 3 years, investors can only see the performance, but can't subscribe or redeem the fund units; After the closing period, there will be a period of opening. The opening period is generally about 5-2 working days (there will be a specific opening time announcement before each scheduled fund opens).

2. During the opening period, investors are free to apply for redemption; After the opening period, it will enter the next round of closing period, so it will run circularly. The total operating time in the fund name is n years. Advantages Compared with ordinary open-end funds, fixed open-end funds mainly have the following advantages: they are not affected by daily subscription or redemption, and can effectively avoid fund performance fluctuations caused by capital inflows and outflows; It is beneficial for fund managers to exert leverage and strive to improve their performance without the interference of capital liquidity; There is no incremental capital in bear market, so as to avoid the dilution of income level by incremental capital; There is no large amount of money redemption in the bull market, and the income is relatively stable; The regular opening operation mode takes into account the liquidity requirements of investors and avoids investors from falling into the dilemma of timing.

three or two years of regular opening means that the fund will be opened once every two years. On the open day, investors can purchase and redeem the fund at will. Compared with closed-end funds, closed-end funds cannot purchase and redeem during the closed period. In order to increase the liquidity of closed-end funds, closed-end funds have set up regular open days, on which investors can purchase and redeem the fund.