No, your investments are not held for a fixed term; normally you will be able to request a withdrawal on any business day and requests will be complied with promptly, subject to any requirements of the law and as set out below.
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Withdrawal instructions must be given to us online using the appropriate form or function. Once you have given a withdrawal instruction you cannot revoke the instruction unless we give our approval.
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Withdrawals from the Professionally Managed Account (PMA) can be made in cash to your nominated bank account via a transfer of investments to your name, or a combination of cash and investments.
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If a combination of cash and investments is selected, the transfer out of investments must be confirmed before the remaining investments are sold to generate the cash portion of the withdrawal.
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If applicable, the minimum withdrawal amount and minimum balance requirements which apply to your Professionally Managed Account (PMA) are set out out in the "Key Features" table of the Product Disclosure Statement. 

If a full withdrawal is requested, your investment in the Professionally Managed Account (PMA) will be treated as being terminated and your account will be closed. 

Here are two helpful articles on making either a partial withdrawal or a full withdrawal:

How can I make a partial withdrawal from my Professionally Managed Account (PMA)?
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​How do I make a full withdrawal from my Professionally Managed Account (PMA)?