Fund purchases and redemptions follow the "unknown price" principle. The unknown price method means that when you buy and sell open-end funds, you buy them with a determined amount. That is to say, you want to buy a 100,000 fund, but you don't know.

How many copies can you buy and how much does each copy cost?

When you sell a fund, you determine the share. That is to say, when you sell, you sell 5,000 funds, but you don’t know how much each fund was sold for.

To put it simply, the net value of the day is based on the net value announced by the fund company after the market closes. Generally, you will not see it until 6-8 pm. You will not know it at the time of redemption.

The "unknown price method" is used to prevent investors from deciding whether to buy or sell based on the current day's securities market conditions for arbitrage, which would adversely affect the interests of other fund holders and be detrimental to long-term investors of the fund.

It is conducive to the stable operation of the fund and the stability of the net value of the fund unit. Therefore, the "unknown price method" is adopted in the international trading of open-end funds, and the subscription and redemption price is calculated based on the net value of the fund unit announced on the next day.