Two-year fund means that the fund is closed for two years. During the closed period, users can't redeem it and can only buy and sell it in the secondary market. After the closed period has passed, users can trade and buy, so it is also called closed fund.

After the closed-end fund is bought, there is still a restricted opening period during the closed-end period. That is to say, during the restricted opening period, holders can still purchase and redeem, but the Fund will control the net redemption amount on that day to ensure that the proportion of the net redemption amount on the day before the restricted opening period to the total fund share is within the range of [0, specific proportion].