Yes, at present, the funds in Beijing Stock Exchange are all two-year fixed-term funds, that is, the funds are closed for two years and the two-year fixed-term funds are opened every two years. During the opening period, the fund can purchase and redeem at will. After the opening period, the fund enters the closed period, and the closed period fund cannot be traded, that is, it takes two years to redeem the fund.

Fixed fund means that the fund is opened once at a fixed time. During the opening period, the fund can purchase and redeem at will. After the opening period, the fund entered a closed period. During the closed period, the Fund cannot purchase and redeem.