Yes If an investor converts Fund A into Fund B before 3pm on the same day, the income of that day will be counted as Fund A, and the next trading day will be counted as Fund B. If an investor converts Fund A into Fund B after 3pm on the same day, the income of that day and the income of the next trading day will be counted as Fund A, and the income of the next trading day will be counted as Fund B. Therefore, if the fund is converted before 3pm on the same day, there will be income the next day.

The relationship between open-end funds and closed-end funds;

Open-end funds and closed-end funds are isomorphic, forming two basic modes of fund operation.

Open-end fund refers to an investment fund whose scale is not fixed, but which can issue new shares or be redeemed by investors at any time according to market supply and demand.

Closed-end fund is relative to open-end fund, which refers to the investment fund whose fund size has been determined before issuance and remains unchanged within the specified period after issuance.

Before 2004, open-end funds were not listed and traded on the stock exchange, but were generally purchased and redeemed through consignment agencies such as banks or direct selling centers. After 2004, China innovated the operation mode of open-end funds, allowing some open-end funds to be listed and traded on the stock exchange.

This kind of open-end fund is called listed open-end fund (LOF). The scale of the fund is not fixed, and the fund unit can sell it to investors at any time or buy it back at the request of investors.

The difference between open-end funds and closed-end funds lies in:

1, share restrictions are different. Open-end fund refers to the fund whose scale is not fixed and investors can purchase and redeem it at any time; The scale of closed-end funds is fixed and will not change during the period.

2. The trading system is different. Open-end funds can be purchased and redeemed at any time; Closed-end funds cannot be redeemed during the closed period, and part of the funds can be transferred to on-site transactions.

3. The terminology is different. Open-end funds have no fixed term, while closed-end funds have fixed term, such as 5-year strategic placement funds and real estate trust funds.

In addition, the similarity between the two is that open-end funds are both on-site and off-site, while closed-end funds are mostly off-site, but there are also closed-end funds on-site. Take this stage as an example, Penghua Qianhai Fund is a closed-end fund listed on Shenzhen Stock Exchange. Although it cannot be redeemed, it can be traded in the secondary market.

Open-end funds are more flexible, and the fund scale is easier to scale up and down, so they are suitable for financial markets with higher openness and larger scale, while closed-end funds, on the contrary, are suitable for financial markets with imperfect financial system, lower openness and smaller scale.