Cancel an In-App Purchase auto renewable subscription and purchase downgraded subscription iOS

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I need to know, If a user cancel an ongoing subscription plan and then purchase a downgraded subscription, will the downgraded subscription be activated just after purchasing it or user has to wait to the end of the previous upgraded subscription cycle?

Cause in normal auto renewable cycle, if user downgrade to a smaller plan, they have to wait till the ongoing upgraded plan comes to an end. And then the new cycle (downgraded) begins.

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