Off-exchange index funds can be converted, but on-exchange index funds cannot. OTC funds can be converted as long as they are managed by the same fund company, regardless of the fund type. Fund conversion does not need to redeem the held fund first, and then purchase the target fund model, saving time and cost.

Fund conversion also saves the cost of handling fees. The fund conversion fee includes two parts: the redemption fee of the transferred fund and the replenishment fee, so that the purchased fund can give full play to its value.