One and a half years, three and a half years before the fixed fund. Now that the policy has been adjusted, the withdrawal period is longer. The cycle of M&A funds is usually 3-5 years. All in order to get high returns. If the stock market is depressed, it is better to increase funds. Because after 2-3 years, the stock market will rise periodically. As long as the underlying stock does not produce a black swan. The fixed-income fund has a high probability of making money. M&A fund mainly depends on withdrawal, and whether it can be acquired by listed companies in the end is a problem.

So in my opinion. Fixed funds are more stable than M&A funds.