It has nothing to do with the purchase price, because it is only a share, and it is the same current net value. But it is related to the holding period. The preferential rate policy for redemption of some open-end funds is related to the holding period of fund shares, and the longer the holding period, the more favorable it is until the redemption fee is waived. As far as the holding period is concerned, fund companies determine the holding period of fund shares held by investors in the order of "first in, first out".
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There will be some preferential rates for stock funds to hold for more than a certain period of time, but if some shares held by the fund exceed a certain period of time and some are not, how to calculate the redemption rate when redeeming some shares is calculated according to the preferential rates.
Taking China Merchants Fund as an example, the system of China Merchants Fund Management Company handles customers' transactions in a "first in, first out" way. For example, on April 1 day and July 1 day, 2007, customers confirmed to subscribe for China Merchants Equity Fund 1000 and 2000 respectively. So when all China Merchants Equity Funds are redeemed today, 1 1,000 shares are exempted from redemption fee, and 2,000 shares are charged with redemption fee of 0. 1% (excluding dividend income).
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