If it is an ABC three-category fund, Category A generally represents front-end charges, Category B represents back-end charges, and Category C has no subscription fee, that is, there is no handling fee for either front-end or back-end; For bond funds classified into categories a and b, generally category a has a subscription fee, including front-end and back-end, while category b bonds do not have any subscription fee. That is to say, the a and b funds in the three categories abc are equivalent to the a category in the a and b categories, which are front-end or back-end subscription fee funds, while the c funds in the a, b, and c categories are equivalent There is no subscription fee for Class B funds in Class A and Class B. But if you read the prospectus carefully, you will find that among these bond funds with no subscription fees, there is an additional clause called "sales service fee" in the rates. In the prospectus of ChinaAMC Bonds, it is written as follows: "This fund does not charge sales service fees for Class A/B fund shares, and the annual sales service fee for Class C fund shares is 0.3%. The sales and service fees of this Fund will be used exclusively for In other words, although ChinaAMC Bond Class C does not charge front-end or back-end subscription fees, it does charge sales service fees. This sales service fee is similar to the management fee and is withdrawn on a daily basis. If you look at the performance of ChinaAMC Class A/B and Class C Funds since 2007, you can find that the return of ChinaAMC Bond Class C lags behind Class A/B by 0.35 percentage points. This result is mainly caused by sales and service fees. The same goes for other bond funds. Except for the sales and service fee of ICBC Strong Bond Class B which is 0.4%, the sales and service fee of several other bond funds with no subscription fee are all 0.3%. There is no free lunch in the world. There is no one-time subscription fee, but a daily sales service fee, but this does not mean that there is no difference. Take China Bond Classes A, B, and C as an example. Since there is no subscription fee, although Class C has a sales fee, the 0.3% sales fee is less than 1% after three years, which is lower than the front-end subscription fee ( The appreciation of assets is not considered for the time being). We can think about it this way: If you are sure it is a short-term investment, for example, the investment period is less than 1 to 2 years, then you can choose Class C bonds, which are not cost-effective for more than 2 years; if you are sure it is more than 3 years, you can choose Class B bonds, because The charge for China AMC Bond Class B after 2 to 3 years is only 0.7%, and the longer it is, the less; if you have no judgment about the investment period, you can consider Class A front-end charges. For China A-class bonds, if held for more than 3 years, they are better than class C bonds, but if held for less than 1 year, they are better than class B bonds. However, there are exceptions to this ABC rule. For example, E Fund's stable income a and b, which are developed from E Fund's monthly income a and b, are exactly the opposite of what I said above. Yiwen Yiyi a has no subscription fee, while Yiwen Yiyi b has a front-end fee. We found that among newly issued bond funds in 2008, the method of no subscription and redemption fees was more popular. For example, GF Strong Debt, E Fund Strong Debt B, etc. This means that although they do not charge subscription fees, they will charge sales and service fees, which are similar to management fees and are withdrawn on a daily basis. But one thing to note is that these newly issued bond funds with zero fee rates have a new fund closing period, but the discount of traditional new fund subscription fees being lower than the subscription fee is no longer available. Another thing to note is: Although bond funds with no subscription fees have no fees for buying and selling like currency funds, bond funds still have fluctuations. Although their fluctuations are smaller than stock funds, they are also likely to lose money. Therefore, this is essentially very different from monetary funds.