The only difference between buying before three o'clock and buying after three o'clock is the net value at the time of buying. Stocks bought before three o'clock are calculated according to the net value of the day, and stocks bought after three o'clock are calculated according to the net value of the next trading day. Because the trading hours of OTC funds are still the same as the stock market, 9:30- 15:00. The market closes at three o'clock in the afternoon, so buying is naturally calculated according to the net value of the next day. The main reasons are as follows: after the close of the day, the exchange, CLP and the clearing company fed back the transaction data to the fund company; After receiving the data, the fund company conducts screening and accounting; Then send the accounting data to the custodian bank for review; After the audit is correct, the fund company shall report to the regulatory authorities for the record. So after three o'clock in the afternoon, it is not included in the trading volume of the day. Buying funds after three o'clock is different from buying stocks. After three o'clock, the stock order becomes invalid, and the fund calculates the net value of the next trading day.

1. If the fund buys before 3 pm, it can be calculated according to the net value on the day of purchase. The shares can be confirmed on the second trading day, and the income can be calculated after the shares are confirmed. If the fund buys after 3 pm, it is equivalent to buying the next day. It must be calculated according to the net value of the second trading day, and the shares can be confirmed on the third trading day, and the income can be calculated after the shares are confirmed. Fund trading time is limited. Trading is not allowed on Saturdays, Sundays and national holidays. The trading day refers to Monday to Friday, excluding holidays. Trading hours are 9: 30am-11:30am and1:00pm. Although online trading can be conducted 24 hours a day, it is actually an appointment and can only be traded and confirmed at the latest trading time. Investors should note that funds are traded on the basis of net worth. Orders before 3 o'clock on the trading day can be calculated according to the net value at the close of the day, that is, there is only one transaction price every day.

2. Generally speaking, the biggest difference in fund subscription around 3 o'clock is to calculate the subscription share with different net values. Buy before 3:00, and calculate the share according to the net value of the fund on that day; Buying after 3 o'clock can only be calculated according to the net value of the fund on the next trading day, because from the trading time of the fund, the fund stops trading at 3 o'clock that day, so buying after 3 o'clock is equivalent to buying on the next trading day. Generally refers to a certain amount of funds set up for a specific purpose. It mainly includes trust and investment funds, provident funds, insurance funds, retirement funds and funds of various foundations. From the accounting point of view, capital is a narrow concept, which refers to funds with specific purposes and uses. The fund we are talking about mainly refers to the securities investment fund. According to whether the fund share can be increased or redeemed, it can be divided into open-end funds and closed-end funds.

3. Open-end funds are not traded on the market (as the case may be), and the fund scale is not fixed through subscription and redemption by banks, securities companies and fund companies; Closed-end funds have a fixed term and are generally listed and traded on the stock exchange. Investors can buy and sell fund shares through the secondary market according to different organizational forms, which can be divided into corporate funds and contractual funds. Fund is an investment fund company established by issuing fund shares, usually called corporate fund; Funds are established by fund managers, fund custodians and investors through fund contracts, which are usually called contractual funds. All securities investment funds in China are contractual funds. According to the difference of investment risk and income, it can be divided into growth fund, income fund and balanced fund. According to the different investment objects, it can be divided into four categories: bond fund, stock fund, money fund and mixed fund.