Holding a hybrid fund for three years means that investors must hold the hybrid fund for three years before they can redeem it, but they cannot redeem it under three years. After holding it for three years, they can redeem it according to the needs of investors.

Hybrid fund refers to a fund that invests in stocks, bonds and money markets at the same time without a clear investment direction. Its risk is lower than that of stock funds and its expected return is higher than that of bond funds. It provides investors with a tool to diversify their investments in different assets.

Hybrid fund is a kind of fund that aggregates investors' funds in the form of partnership law. For example, banks or insurance companies organize funds and charge them fees. Typical partners include trusts or retirement accounts, whose portfolios are much larger than those of individual investors, but if managed independently, the scale is still too small.