1. Securities opening refers to the fees paid to securities companies according to a certain proportion of the actual transaction amount after the fund company entrusts several securities companies to buy and sell funds at the same time. The commission of fund opening is the operating income of securities companies after buying and selling funds on behalf of fund companies.

2. Fund companies have no membership in the exchange and can only trade through the trading seats of securities firms. In addition, due to the large scale of open-end funds, the trading speed may only be affected by the trading seats of a brokerage firm, so it will be traded through multiple trading seats at the same time. This phenomenon is the "sub-position" of the fund.

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