For OTC funds, the trading of funds follows the principle of "unknown price", that is, the purchase and redemption are based on the net asset value of fund shares after the closing of the market on the day of application, and the amount obtained from the purchase or sale is calculated.

if the investor sells before 15: on the trading day, it will be calculated based on the net value announced by the fund that night;

if the investor sells after 15: on the same day, it will be calculated based on the net value announced by the fund on the evening of the next trading day.

Therefore, if investors are very pessimistic about the trend of the OTC fund and think that the fund will decline in the later period, in order to reduce losses, they should try to sell it before 15: on the same day.

for on-market funds, investors' buying and selling are generally calculated at the market price at the time of trading, and if trading is limited, it is calculated at the price limit.

Extended information:

According to different standards, securities investment funds can be divided into different types:

(1) According to whether fund units can be increased or redeemed, they can be divided into open-end funds and closed-end funds. Open-end funds are not traded on the market (it depends on the situation), and the fund size is not fixed through subscription and redemption by banks, brokers and fund companies;

Closed-end funds have a fixed duration and are generally listed and traded in securities exchanges, and investors buy and sell fund units through the secondary market.

(2) According to different organizational forms, it can be divided into corporate funds and contractual funds.

funds are established by issuing fund shares to establish investment fund companies, which are usually called corporate funds;

fund managers, fund custodians and investors are established through fund contracts, which are usually called contractual funds. China's securities investment funds are all contractual funds.

(3) According to the difference of investment risks and returns, it can be divided into growth funds, income funds and balanced funds.

(4) According to different investors, it can be divided into four categories: bond funds, stock funds, money funds and hybrid funds.

the difference between open-end funds and closed-end funds

(1) the variability of fund size is different. Closed-end funds have a clear duration (in China, the duration is not less than 5 years), during which the issued fund units cannot be redeemed.

(2) fund units are bought and sold in different ways.

When a closed-end fund is initiated, investors can subscribe to the fund management company or sales organization;

when closed-end funds are listed and traded, investors can entrust brokers to buy and sell at market prices on the stock exchange.

When investors invest in open-end funds, they can purchase or redeem from fund management companies or sales organizations at any time.

(3) The buying and selling prices of fund units are formed in different ways. Because closed-end funds are listed on the exchange, their buying and selling prices are greatly influenced by the relationship between market supply and demand.

(4) The investment strategies of funds are different. Because closed-end funds cannot be redeemed at any time, all the funds raised can be used for investment, so that fund management companies can formulate long-term investment strategies and achieve long-term business performance.

Open-end funds, on the other hand, must keep some cash so that investors can redeem it at any time, but not all of it for long-term investment, and generally invest in assets with strong liquidity.