The fund follows the principle of unknown price trading, that is, the subscription and redemption of the fund are based on the net asset value of the fund shares after the closing of the application date, and the amount obtained by buying or selling the fund shares is calculated.

Investors who buy funds after 3: 00 the previous day usually submit them on the next trading day, and the confirmed shares are calculated according to the net value announced on the night of submission. The income will not be calculated until the next trading day, and will be postponed accordingly in case of holidays. Therefore, there is no income from buying funds after 3 o'clock the day before.

On the other hand, if investors buy the fund before 3 o'clock the day before, the confirmed share will be calculated according to the net value announced that night, and its income will be calculated on the next trading day, and it will be postponed accordingly in case of holidays.

In short, investors are more optimistic about a fund and think that it will rise in the next trading day, so it is best to buy it before 3 o'clock.

Fund, in English, refers to a certain amount of funds set up for a certain 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 different standards, securities investment funds can be divided into different types:

(1) According to whether the fund unit can be increased or redeemed, it can be divided into open-end funds and closed-end funds. Open-end funds are not traded on the market (as the case may be), but are purchased and redeemed by banks, brokers and fund companies, and the fund scale is not fixed; Closed-end funds have a fixed duration and are generally listed and traded on the stock exchange. Investors buy and sell fund shares through the secondary market.

(2) According to different organizational forms, it can be divided into corporate funds and contractual funds. A fund is established by issuing fund shares to establish an investment fund company, which is usually called a corporate fund; The establishment of fund managers, fund custodians and investors through fund contracts is usually called contractual funds. China's securities investment funds are all contractual funds.

(3) According to the different 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: money fund, bond fund, mixed fund and stock fund.