Fund conversion means that investors can directly convert their fund shares into the fund shares of any other open-end fund managed by the fund company after purchasing any open-end fund of the fund company, without redeeming the fund shares they have held before purchasing the fund shares of other open-end funds.

Fund conversion can only be converted into fund shares managed by the same fund company, kept by the same registration institution and under the same fund account. Moreover, fund conversion can only be carried out within the same sales organization.

Fund transfer custody refers to a business operation mode in which investors want to change from a sales organization that manages fund subscription and redemption to another sales organization. Because there is no universal deposit and withdrawal between sales organizations, the fund share entrusted by one sales organization must be transferred to another sales organization. This is somewhat similar to the transfer business between commercial banks: since there is no universal deposit and withdrawal between commercial banks, if you want to transfer the deposits from one bank to another, you must go through the transfer procedures.

It can be seen that the former is the conversion between different funds under the same fund management company, and it is only carried out in the same sales organization; The latter is carried out between different sales organizations. It can be the same fund managed by the same fund company, or it can be several funds that go through the formalities of transferring custody at the same time.