What type of fee is associated with selling shares in an investment fund?

A back-end load fee is a type of sales charge that investors incur when they sell their shares in an investment fund. This fee is typically assessed as a percentage of the amount being redeemed and is designed to discourage short-term trading by penalizing investors who sell their shares too quickly after purchase. This fee structure is commonly used in mutual funds and can decrease or be eliminated after a certain period, rewarding long-term investors.

In contrast, a purchase fee, while also relevant in the context of investment transactions, is charged at the time of buying shares and not when selling them. A flat fee usually refers to a fixed charge that doesn't vary with investment levels or the timing of transactions, so it would not specifically pertain to selling shares. A management fee is an ongoing fee charged by the fund for managing the investment, regardless of buying or selling activities, and does not apply specifically to the sale of shares. Therefore, the back-end load fee is the most accurate description of a charge associated with selling shares in an investment fund.