If you buy a fund before 3 pm on the same day, you will calculate the share according to the net value of that day, and you will receive a message confirming the share and the net value of the transaction on the next working day, so there will be no floating loss when the net value rises or falls on that day, and the income will only be calculated at T+ 1 If the fund is bought after 3 pm, the share will be calculated according to the net value of T+ 1, and the system will confirm the share on T+2, so the income will be calculated on T+2. Here t refers to the current day, that is, before 15 o'clock on the working day, and 1 refers to a working day.

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 (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 stock exchanges.

Open-end funds, investors can purchase and redeem fund shares at designated outlets or buy and sell funds on exchanges. However, if investors want to sell the fund shares purchased at designated outlets, they must go through certain transfer custody procedures; Similarly, if you want to redeem the fund shares you bought online on the exchange and redeem them at designated outlets, you must also go through certain transfer custody procedures. It is a fund with variable issuance, and the total number of fund shares (units) can be increased or decreased at any time. Investors can purchase or redeem it at the business place designated by the fund manager according to the quotation of the fund. Compared with closed-end funds, open-end funds have the characteristics of unlimited issuance, net asset value as the transaction price, over-the-counter trading and relatively low risk.

Closed-end funds belong to trust funds, which refer to investment funds whose scale has been determined before issuance, fixed within a specified period after issuance and traded in the securities market. Because closed-end funds are traded by bidding in securities trading, the transaction price is affected by the relationship between market supply and demand, which does not necessarily reflect the fund's net asset value, that is, the transaction price of closed-end funds has a premium and discount phenomenon relative to its net asset value. The practice of foreign closed-end funds shows that the transaction price often has the price fluctuation law of first premium and then discount. Judging from the operation of closed-end funds in China, no matter how the fundamental situation changes, the transaction price trend of closed-end funds in China has never deviated from the price fluctuation law of first premium and then discount.