Fixed investment fund is a closed-end fund, which is an innovative closed-end fund. It has the dual characteristics of open-end fund and closed-end fund. Generally, the operation mode of "closed management and regular opening" is adopted. Once closed for a period of time, the redemption application will be concentrated.

From the risk-return characteristics of fixed-income funds, it is more suitable for individual investors and institutional investors who do not have particularly high liquidity requirements. As long as investors understand the provisions of the open period and meet their liquidity requirements, they can buy fixed-term funds.