The duration of the fund refers to the effective operation period of the fund. After the fund is issued, the duration is set to be 5 years or 10 years. During this duration, investors can buy or redeem fund shares, enjoy the investment income of the fund or bear investment risks. The fund company will make a decision before the end of the duration, and choose to extend the duration of the fund or conduct liquidation, that is, distribute the fund assets to investors.