Subscription refers to the purchase of fund shares from the fund manager after the fund is established.

Redemption refers to the act of fund investors selling fund shares to fund managers.

Explanation:

1, subscription-the purchase behavior of investors after the establishment of a securities fund (after a three-month raising period or after some funds sell well and reach the raised amount in one or two months).

2. Redemption-If you don't want the fund, you can turn it into cash.

If we must find the difference between buying and buying, selling and redeeming, it can only be aimed at those funds that can be traded in the secondary market (such as lof funds and etf funds).

In the process of fund trading in non-secondary market, whether subscription, subscription or redemption, the transaction is between investors and fund companies, that is to say, buying is to subscribe or buy fund shares from fund companies, and redemption is to recover fund shares from fund companies.

In the secondary market transactions, the buying and selling of funds and stocks are the same. All transactions are conducted among investors, and fund companies do not participate. In other words, you buy fund shares from other investors, and if you don't want them, you sell them to other investors. To be clear, if no investor wants to sell his fund share, you can't buy it; If no investors want to buy fund shares, your fund will not be sold, although the probability of this situation is very small.

The fund shares purchased on the same day can be sold on the same day, but cannot be redeemed; -I don't know if you understand the previous explanation. This regulation is aimed at institutional investors, because the minimum subscription amount of etf funds is 6,543,800 yuan.

You understand this. For retail investors like you and me, etf funds cannot be purchased or redeemed at any time, but can only be bought or sold from other investors.