The normal trading days, weekends and holidays of Shanghai Stock Exchange and Shenzhen Stock Exchange 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.
The subscription and redemption of deferred information funds adopt the principle of "unknown price", that is, the subscription and redemption are based on the net value of the fund after the market closes on T day, and the net value of the fund will generally be 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.