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NO! This is designed to replace circular filters so that you can switch filters easily. It is also of better quality.
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Robert, yes it will fit one of the rings will screw on to the front of the lens and then the filter holder will fit on to that, I use this with a couple of canon bodies with l mount lenses with 72mm thread. one of the things I would recommend you do is cover the viewfinder with tape to prevent light leak affecting your long exposure image.
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I don't know if it's an upgraded version but any colour cast is minimal.
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Two. And this is a quality system.