In actual operation, there are two ways to collect subscription fees for open-end funds, one is called front-end charging, and the other is called back-end charging. Front-end charges refer to the way you pay the subscription fee when you buy an open-end fund. Back-end charges refer to a payment method in which you do not pay a subscription fee when you buy an open-end fund, but pay it when you sell it. Back-end charges are designed to encourage you to hold the fund for a long time. Therefore, the rate of back-end charges will generally decrease as the time you hold the fund increases. Some funds even stipulate that if you can hold the fund for a certain period before selling, the back-end charges can be waived completely. Just a reminder, backend charges and redemption fees are different. Back-end charges are the same as front-end charges, and they are both a type of subscription fees, except that they are paid not when the fund is bought but when the fund is sold. Therefore, if you buy a fund with back-end charges, when you sell the fund, in addition to paying the redemption fee, you must also pay a subscription fee in the form of back-end charges.