1. Capital integration is an exit mechanism. The merger will allow the fund company and the holders to decide the life and death of the fund, while concentrating the company's resources. For example, a very small fund can be merged with other small funds or similar funds with good performance. For funds with poor long-term performance and serious scale shrinkage, most fund companies will survive by self-purchasing and helping the funds, but the cost is very high, which actually harms the interests of the holders. If you withdraw by closing your position, it will involve a lot of stock sales and other issues, and may also harm the interests of investors.

2. Funds have broad and narrow definitions. A fund in a broad sense refers to a certain amount of funds set up for a certain purpose. It mainly includes trust and investment funds, provident funds, insurance funds, retirement funds and funds of various foundations. People usually refer to funds mainly as securities investment funds.