The operation of open-end funds mainly includes the following aspects: (1) Fund initiation and establishment. Open-end funds are initiated and established by fund management companies approved by the China Securities Regulatory Commission. When a fund manager applies to establish an open-end fund, he must first prepare and submit relevant legal documents, such as an application report for the establishment of an open-end fund, fund contract, fund custody agreement, fund prospectus, sales agreement, registration agreement, etc. After receiving the documents, the China Securities Regulatory Commission will review the completeness and accuracy of the fund manager's qualifications, fund custodian qualifications, custody agreement, prospectus, and submitted materials. If the relevant standards are met, the China Securities Regulatory Commission will approve the fund manager to sell funds. Fund managers can sell directly and through consignment. According to the provisions of the "Open-ended Securities Investment Fund Pilot Measures", the fund can only be established if the net sales exceed 200 million yuan within 3 months from the date of approval.

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(2) Marketing. Fund management companies can sell funds through two channels: one is agency sales. Agency agencies are usually securities companies, commercial banks or other institutions recognized by regulatory authorities. The second is to sell it by the fund management company itself. Overseas, in order to attract investors, larger fund management companies have professional and high-quality marketing teams that are responsible for marketing, investment consulting, publicity and education, as well as providing various types of investment and information to investors. Serve. (3) Fund subscription or redemption. Investors open a fund account at a fund management company or a selected fund agency, and apply for subscription or redemption of fund units in accordance with prescribed procedures. The process of investors purchasing fund units is called subscription; investors will hold their holdings. Pu? Hao? (4) Registration of fund transactions. After investors purchase fund units, the registration agency will register them in their fund accounts to indicate the increase in their holdings of fund units. After investors sell fund units, they obtain the money, which is registered in their fund accounts by the registration agency, indicating the reduction of the fund units they hold. The fund registration agency may be a fund management company, or a commercial bank or other institution entrusted by the fund management company. (5) Investment management. Fund management companies conduct fund investment and management in accordance with the requirements of the announced fund contract, such as investing in the stock market and bond market according to a certain investment ratio or industry. This is a key link in the operation of open-end funds and determines the operating performance of the fund. (6) Fund information disclosure. Although open-end funds are similar to closed-end funds in the way of information disclosure, and publish quarterly portfolio announcements, interim reports, annual reports, etc. on a regular basis, the information disclosure of open-end funds is more transparent and more frequent than that of closed-end funds, making it more convenient for investors to timely Understand the operation of the fund. For example, open-end funds publish the net value of unit funds on the previous working day every day, so that investors can understand the performance of the fund in a timely manner. (7) Income, expenses and income distribution. During the operation of a fund, issues such as income, expenses and income distribution will inevitably arise. The fund contract will clearly stipulate the standards for the accrual of fund income and expenses and the method of income distribution. Fund income includes dividends, interest, securities bid-ask spreads and other income. Funds hire experts for investment management and operations on an entrusted basis, so certain fees must be paid from establishment to termination. The fees paid by the fund mainly include management fees paid to the fund management company, custody fees paid to the custodian, fees paid to certified public accountants and lawyers, fees incurred when the fund is established, and other fees. The net income of the fund is the fund income after deducting fund expenses. Open-end funds generally distribute income in the form of cash, but investors can choose to automatically convert the distributed cash into fund units, that is, reinvest the dividends.