First of all, we need to know what "T Day" is. T-day refers to the trading day, that is, the trading day when Shanghai Stock Exchange and Shenzhen Stock Exchange normally open. Weekends and holidays do not belong to T day, and T+n day refers to the nth working day after T day (excluding T day). T day is bounded by the closing time of the stock market, that is, 15:00. Daily subscription and redemption must be operated before 15:00 pm on the same day, and the application for the next trading day shall be made after 15:00 pm. Fund transactions are generally applied on T day and confirmed on T+ 1 day. QDII funds (that is, funds investing in overseas markets) were confirmed on T+2 due to the time difference between the opening hours of global exchanges.
If you buy or redeem the fund on a non-trading day such as the weekend, it will be postponed to the trading day. For example, buying or redeeming a fund after Friday afternoon 15:00 is actually counted as a trading application for the next trading day, that is, next Monday. It will not be confirmed until next Tuesday, and the profit and loss will not be checked until next Wednesday. If the subscription is made on the last trading day before the long holiday, whether before 15:00 or after 15:00, the fund company will confirm the subscription after the long holiday, and it is impossible to view the profit and loss during the confirmation period.
Second, the "unknown price" trading principle
The purchase and redemption of funds adopt the principle of "unknown price", that is, the purchase and redemption are based on the net value of funds after the market closes on T day, and the net value of funds is generally announced on the evening of T day or the next morning. Therefore, when investors buy and sell funds on the same trading day, they only know the net value of the fund the day before, but don't know the exact price of the transaction that day.
Funds are different from stocks. Transactions at any time before the trading day 15:00, whether bought in the morning or afternoon, bought at the high point of the day or bought at the low point of the day, are calculated according to the net value after the close of the day. When you buy a fund, the net value you see is the net value of the previous trading day. What is the net value of the fund you bought? You won't know until the net value of the fund is updated after the close. When you buy a fund, you actually don't know what the price is.
Third, the difference between net fund value and valuation.
Fund net worth and valuation are not the same thing. The net fund value is the actual price calculated by the fund company, and the fund will only have a net value every day, while the fund valuation is the price estimated according to the relevant data. Because the stock price changes in real time and the valuation changes, the fund has multiple valuations at different times. Many people will encounter a problem in fund investment, that is, they see that the valuation of the fund has risen very well, but when the net value of the fund is announced at night, it is found that it is far from the expected increase. The deviation is mainly because one is calculated according to the actual position and operation, and the other is calculated according to the previous data, so there are differences.
Generally speaking, valuation and net worth are the gap between expectation and reality. Valuation can only be used as an investment reference, never as a net value. However, we can know the actions of fund managers from the comparison between fund valuation and fund net value, for example, there is a big difference between fund valuation and fund net value, which shows that the probability of fund managers changing positions and shares is very high. Generally, the gap between the net value and valuation of actively managed equity funds will be relatively large, because the positions they display are all in the latest quarter; The valuation and net value of passive funds or index funds have not changed much.
Fourthly, the difference between cash dividend and dividend reinvestment.
Except for the monetary fund, which cannot modify the dividend for reinvestment, other funds default to cash dividend, but the dividend method can be modified. Cash dividends are distributed in cash, that is, there is no redemption fee for selling, and dividend reinvestment is distributed in the form of fund shares, and there is no subscription fee for reinvested shares. If you are optimistic about the future trend of this fund, then choose dividend reinvestment.