It takes 20 years to redeem the fund, which means that the fund will enter a closed period after its establishment and need to be closed for 20 years. During these 20 years, investors will not be able to apply for redemption until 20 years later. The closed period is set for such a long time, of course, fund companies have their own considerations. After all, the investment strategy of the fund is a long-term investment strategy, so the operating capital flow in the middle must be stable, and the funds cannot be withdrawn because of the short-term market sentiment of investors.