The act of buying funds at the initial stage of fund raising is called subscription; The act of purchasing a fund after its establishment is called subscription; Under normal circumstances, the rate of purchasing funds during the subscription period is relatively more favorable than that during the subscription period. Funds purchased during the subscription period can generally be redeemed after the closed period, and ordinary open-end funds purchased can be redeemed on the second trading day after the successful subscription.

Redemption refers to the process in which an investor directly or indirectly requests a fund management company to withdraw part or all of the fund investment and return the corresponding funds to the investor's account.

Conversion refers to a business model that investors can directly convert their fund shares into the fund shares of other open-end funds managed by a fund company after holding the open-end funds of the fund company, without redeeming the held funds first and then purchasing the target funds.

Buying refers to the process that investors bid on the stock exchange through securities companies or buy in bulk the fund shares held by other investors. Purchase is different from subscription. Buying is only a transaction process between investors, and it will not generate new fund shares, and the total fund shares will not increase.

Selling refers to the process that investors bid on the stock exchange through securities companies or sell the fund shares held by investors in batches. Selling is different from redemption. After redemption, the total share of the fund will decrease, but it will not be sold.