Fixed open funds can only be redeemed on the open day of the fund. For example, if an investor buys a two-year fixed investment fund, the fund will only open once every two years, and investors can redeem the fund on the open day. After the opening day, the fund will enter a closed period, during which no transactions can be made.

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. Regular open-end funds are not as liquid as open-end funds.