One-year fixed-term open-end fund refers to an innovative fund category of "regular open-end circulation operation" compared with the existing closed-end funds in the market, which not only contains the characteristics of closed-end funds, but also does not face the problem of "transformation" after opening, but sets a certain opening period and then enters a new round of closed-end period.

Advantages of opening the fund regularly: it is conducive to implementing medium and long-term investment strategies and improving investment returns. Fixed-term funds are not affected by frequent purchase and redemption during the closed period, and their shares are stable, so fund managers can make investment decisions from a relatively long-term perspective. For example, partial stock funds can choose high-quality targets and increase the probability of profit through medium and long-term holding; For partial debt funds, more long-term varieties with weak investment liquidity but high returns can be allocated, and the leverage level can be appropriately raised to obtain further income. In contrast, when managing ordinary open-end funds, in order to cope with investors' redemption at any time, fund managers usually keep a certain proportion of cash and current assets as reserves, which actually reduces the total amount of investable funds, while fixed-end funds have no redemption pressure during the closed period, so fund managers can use as much funds as possible to improve investment returns.