According to the Regulations of China Securities Regulatory Commission on the Management of Sales Expenses of Open-ended Securities Investment Funds, after the fund is converted, it will be recalculated according to the holding time from the date when the fund share is confirmed. Among them, the holding period is "redemption confirmation date-subscription confirmation date".
A business model that can directly convert its fund shares into those of other open-end funds managed by the company, and then subscribe for the target fund without redeeming the held fund shares. Whether it can be increased or redeemed by fund units can be divided into open-end funds and closed-end funds. Open-end funds are not traded on the market (depending on the situation), but are purchased and redeemed through banks, securities brokerage companies and fund companies, and the fund scale is not fixed; Closed-end funds have a fixed duration and are generally listed and traded on stock exchanges. Investors buy and sell fund shares through the secondary market. According to different organizational forms, it can be divided into corporate funds and contractual funds. Funds set up investment fund companies by issuing fund shares, which are usually called corporate funds; It is composed of fund managers, fund custodians and investors through fund contracts, and is usually called contractual funds. China's securities investment funds are contractual funds.
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