1) Sales outlets: Open-end funds are not listed and traded; Securities companies and banks are the most common distribution channels through fund management companies and their designated distribution outlets.

2) subscription and redemption: investors need to read the prospectus, fund contract, minimum investment amount, account opening procedures, trading rules and other documents carefully to decide which fund to invest in; Then you can open a fund account and the fund account required by the agent network designated by the fund management company, and after confirmation, you can purchase or redeem the open-end fund issued by the fund management company; Within a few working days after completing the transaction procedures (designated by the fund management company), investors print the transaction confirmation form at the sales outlets, and the transaction is completed.

3) Minimum investment limit: stipulated by each fund management company.

2. Subscription fee and redemption fee

1) subscription fee. Refers to the expenses that investors need to pay when purchasing fund shares, and the sales expenses can be charged when investors purchase fund shares, that is, the subscription fee is charged in advance; It can also be collected when investors redeem fund shares, that is, the subscription fee is collected later, and its rate is generally decreasing according to the holding period. China's "Pilot Measures for Open-end Securities Investment Funds" stipulates that open-end funds can charge subscription fees, which shall not be higher than 5% of the subscription amount, and the subscription fees can be charged at the time of fund subscription or deducted from the redemption amount.

2) redemption fee. Refers to the fees paid by investors when they sell fund shares. Redemption fee is different from subscription fee, which belongs to sales commission, and redemption fee is the fee charged for redemption. The subscription fee income after collection is dominated by the fund management company, and the redemption fee income belongs to the fund. China's "pilot measures for open-end securities investment funds" stipulates that open-end funds can charge redemption fees, but the redemption fees shall not exceed 3% of the redemption amount.

Generally speaking, the longer investors hold fund units, the lower the actual annual rate, and the existing rate will be adjusted by the fund company with the market reaction.

The way investors buy and sell open-end funds is very different from closed-end funds. The trading of closed-end funds is conducted through the stock exchange, and the trading behavior takes place among fund investors. Although the open-end fund is not listed on the exchange, investors can apply to the fund manager to buy or redeem the fund. The specific procedures for buying and selling open-end funds are as follows:

First, read the relevant legal documents. Before purchasing, you need to carefully read the prospectus, fund contract, account opening procedures, trading rules and other documents related to the fund, carefully understand the important information about the investment direction, investment strategy and investment objectives of the fund, have an overall assessment of the risk and income level of the fund to be purchased, and make investment decisions accordingly.

2. Open a fund account. Buying and selling open-end funds must first open a fund account. According to the regulations, the conditions and specific procedures for opening a fund account need to be specified in the relevant sales documents. The above documents will be placed in the fund sales outlets for investors to consult when opening fund accounts.

Third, buy funds. The process of investors buying fund shares during the raising period of open-end funds and before the establishment of funds is called subscription. Usually the subscription price is the face value of the fund (1 yuan) plus certain sales expenses. Subscribe to the fund should fill in the subscription application form at the fund sales point and pay the subscription fee. The registration authority shall go through the relevant formalities and confirm the subscription. After the establishment of the fund, the process of applying to the fund management company for purchasing fund shares through the sales organization is called subscription. When investors buy funds, they usually fill in the application form and pay the subscription money. Once the amount is paid, the subscription application is valid.

Fourth, sell funds. Contrary to buying a fund, selling a fund is to sell the fund unit held by you to the fund manager at a certain price and recover the cash. This process is called redemption. The redemption amount is calculated on the basis of the net asset value of the fund unit on that day. Fund redemption should usually be completed at the fund point of sale. According to the regulations, the fund manager shall confirm the validity of the transaction within 3 working days from the date of receiving the redemption application from the fund investor, and pay the redemption money within 7 working days from the date of accepting the effective redemption application from the fund investor.

In addition, for open-end funds, investors can not only buy and sell fund shares, but also apply for fund conversion, non-transaction transfer and dividend reinvestment.

Fund conversion means that when a fund management company manages multiple open-end funds at the same time, fund investors can convert one fund they hold into another.

Non-transactional capital transfer refers to the transfer of ownership of fund shares under non-transactional reasons such as inheritance, donation and bankruptcy liquidation.

Dividend reinvestment means that when the fund pays the dividend in cash, the fund holder directly purchases the fund with the cash obtained from the dividend and turns the dividend into the holding fund unit. For fund managers, there is no cash outflow from dividend reinvestment, so dividend reinvestment usually does not charge subscription fees.