The opening day of the Fund is working days, and investors can apply for business status such as subscription, conversion and redemption. Fund trading applications can also be submitted on weekends and holidays, but they will not take effect until the next trading day.

In fund trading, we often see the concept of T-day. What does this mean?

T-day value means that every working day except Saturday, Sunday and holidays is T-day, and T+n-day is the nth working day after T-day (excluding T-day).

Submit the transaction application before 3: 00 pm, close the transaction on T day, and confirm the transaction on T+ 1 day, resulting in income. If the trading application is submitted after 3: 00 pm, it will be postponed for one trading day.

In addition to the concepts of T-day and fund open day, there are some other commonly used terms in the actual transaction of funds that we need to understand.

Net fund value: net fund unit value = (total fund assets-total fund liabilities)/total fund share.

The subscription and redemption of open-end funds are carried out at this price, and the net value is generally announced at around 8 pm that day.

Fund valuation: refers to the estimation of the net asset value of a fund at a certain price. Due to the change of market price and the fact that the fund positions are only announced once every quarter, the valuation will deviate from the net asset value announced on the same day.

Therefore, the valuation is an estimated price, not a reference, and the net value is the final transaction price.

Fund contract comes into effect: after the new fund product is launched, it will enter the fund raising period, during which the fund has not been formally established. When the fund raising ends and reaches a certain raising scale, the fund is formally established and the fund contract takes effect.

Therefore, before the establishment of the fund, the act of purchasing fund shares during the raising period is called fund subscription.

Fund subscription refers to the purchase of fund shares during the normal operation after the fund is closed.

Fund redemption is mainly aimed at open-end funds, which means that investors apply to sell their fund shares at the published price and recover cash.