A back-end sales load, also called a deferred sales charge or deferred sales load, is a fee investors pay when they redeem mutual fund shares (that is, sell shares back to the fund). Funds typically use these fees to compensate brokers who sell the fund’s shares. The most common type of back-end sales load is a contingent deferred sales load (CDSL), also called a contingent deferred sales charge (CDSC).
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