1, subscribe

When the fund is not established, the subscription during the raising period is called "subscription". The subscription price of the new fund is 1 yuan. Investors can generally subscribe for multiple times during the subscription period, but the subscription application that has been formally accepted cannot be revoked.

Subscription method: ordinary open-end funds generally subscribe by amount; Both closed-end funds and LOF funds have on-site and off-site subscription methods. Like ordinary open-end funds, off-exchange subscription adopts "amount subscription and share confirmation", while on-exchange subscription adopts "share subscription and share confirmation"; QDII funds can be subscribed in RMB or in foreign currencies such as US dollars.

When the scale of fund raising exceeds the upper limit of scale, it will be put in proportion. For example, if an investor subscribes to a fund of 654.38+10,000 yuan, the sale limit of the fund is 2 billion yuan, and the effective subscription amount during the raising period is 4 billion yuan, then the actual transaction amount of the investor = 654.38+10,000 * (2 billion/4 billion) = 50,000 yuan.

There is a special proportional placement method: doomsday proportional placement, that is, the effective subscription amount before the last day of the issuance period is fully confirmed, and the application for effective subscription on the last day is "doomsday proportional placement".

Step 2 buy

The subscription after the establishment and opening of the fund is called subscription. At this point, the net value of the fund has already reflected the investment operation of the fund. The net unit value is not necessarily 1 yuan, but can be higher or lower than 1 yuan.

In terms of rates, subscription fees are usually not discounted, and most subscription fees can be discounted to 1 (of course, it depends on where to buy, and third-party fund sales platforms such as Good Buy Fund are basically discounted to 1).

Subscription adopts the principles of "unknown price transaction" and "amount subscription and share redemption". The principle of "trading at unknown price", as its name implies, refers to the principle of "trading at known price", which is different from that of stocks, closed-end funds and other products.

Because the purchase price cannot be known immediately, it can only be known when the fund company announces its net value after the trading hours of the day. So this is why funds always say "T-day subscription, T+ 1 confirmation". For example, before Wednesday 15:00, a fund subscribed for 10000 yuan. On Thursday, the fund company announced yesterday's net fund value, that is, the subscription price of 2 yuan, which converted the subscription fee to 0. 12%, so the share confirmed on Thursday = net subscription amount/subscription price = 10000/(65438

When it comes to fund subscription, there is another familiar term, that is, fund purchase restriction. We often hear that a fund is restricted from purchasing, and the amount of subscription per day does not exceed how much, or it simply suspends subscription. This is what we are talking about. Generally speaking, the reasons for fund purchase restriction are nothing more than the following: ① Control the scale and protect the interests of holders. (2) The rapid growth of scale increases the difficulty of management. ③ The market has reached a high level, and the investment cost performance is low. ④ The foreign exchange quota is limited.

Step 3 buy on site

For funds that can be listed and traded in the secondary market, you can directly choose to buy on the market, but this way of buying requires a stock account. ETF, LOF and closed-end funds can all be bought in the market.

On-site purchase has the following characteristics:

(1) Deal at real-time price like buying stocks;

The price is affected by two aspects, one is the underlying assets, and the other is the supply and demand of funds, so it is often inconsistent with the net value, and there is a discount premium, which can be arbitrage;

(3) Free from the restriction of fund purchase, buy as much as you want;

④ Some on-site funds are T+0 transactions, which can be bought and sold at will on the same day for unlimited times, such as Huabao oil and gas, bond ETF, gold ETF and cross-border ETF.

The rate is different from that bought in different places. On-site trading is a trading commission, which can be adjusted as low as stock commission, and off-site buying is a redemption fee;

6 dividends bought in the market can only be cash dividends, dividends can no longer be invested, and you can freely choose off-site.

On-site purchase has many advantages, such as convenient transaction and low cost, but its disadvantages are also obvious. Many investors easily get out of hand and operate frequently, but it is not easy to make money. Buying it in the market is more suitable for veterans with certain investment experience and suitable for band operation.

4. Transfer of fund shares to custody

It is a fund share transfer/transfer business, including intra-system transfer custody (such as on-site transfer custody) and cross-system transfer custody (such as off-site transfer custody).

Generally, when we need to transfer our listed closed-end funds to the on-market sales, or there are arbitrage opportunities on and off the market, we will choose to transfer to the off-market market. For example, if you subscribe for Reits funds in different places and want to sell them in the market, you must transfer them to custody across systems.

However, although there is a business of transferring fund shares to custody, it is still inconvenient. After all, there are many processes. Investors are advised to subscribe/subscribe for funds directly on the market if they want to sell or arbitrage on and off the market, so as to avoid unnecessary troubles.

Second, the withdrawal of fund investment.

1, redemption

You can apply to sell all the shares, or you can apply to sell some shares (such as selling 30%, 50%, etc.). ).

Redemption follows three principles: unknown price transaction, amount subscription, share redemption and first-in-first-out The first two principles are the same as subscriptions. Mainly talking about "first in, first out", simply speaking, it is to buy first and redeem first.

For example, if you buy a fund, the first one is 5000 yuan (assuming you buy 5000 copies) and the second one is 10000 yuan (buying 8000 copies), and you are going to sell 10000 copies, that is, sell 5000 copies of the first one and 5000 copies of the second one, and finally open a position.

Redemption confirmation also follows "T-day redemption, T+ 1 day confirmation". Note that if the redemption application is submitted after T 15:00, T+ 1 will be redeemed for T+2 confirmation. If it is a QDII fund, it will be confirmed on T+2, just like the subscription, because of the time difference.

In addition, I would like to remind you that both subscription and redemption applications can be cancelled before 15:00 on the same day. If you place the wrong order or regret the transaction, you can "go back on your word".

2. Capital conversion and investment transfer

In addition to redemption, there are two ways to quit the fund: conversion and transfer.

Conversion: only between some funds under the same fund company. "Fund conversion" directly combines redemption and subscription, saving time. Generally, T+ 1 confirmation only needs "the redemption fee of the transferred fund" and "the subscription fee before the discount of the two funds to make up the difference".

Transfer: between funds of different fund companies. It still saves time. Generally, T+2 confirmation is subject to the prompt in the trading interface. In terms of fees, the "redemption fee for transferred funds" and "subscription fee for transferred funds" are normally charged, but the subscription fee can be reduced to 1%.

The "fund transfer" function of Tesco includes "fund transfer". You only need to select the fund to be transferred out, and you can see the share that can be transferred out, the estimated confirmation time and the estimated cost. Finally, click to confirm the transfer. However, it should be noted that: ① the transferable share is not 100%, and the specific amount can be transferred according to the prompt in the trading interface; ② Due to the difference in fund net value, 100% transfer is not guaranteed to be successful, and the unsuccessful amount will be returned to the piggy bank or bank card.

Source: Good Buy Fund App

The participation and withdrawal of the fund are over. You got it? We will talk about the cost of the fund next class.