Because according to the calculation of the day, after the closing of A shares at 3 pm, US stocks will be traded in the evening. Therefore, if an order is placed before 3: 00 a-share trading time, it will be settled according to the net value of the fund after the closing of the trading day when the US stock market opens that night.
Buying a fund generally refers to an investment and financial management method that people with idle funds can choose, and use their temporarily unused money to buy a fund for investment, so as to achieve the purpose of maintaining and increasing value and winning income.
In the process of fund sales and operation, some expenses will occur, which will be borne by fund investors and used to pay for the services provided by fund managers, fund custodians, sales agencies and registration agencies.
The process of investors buying fund shares during the raising period of open-end funds and before the establishment of funds is called subscription. Investors who subscribe for this fund shall fill in the subscription application form at the fund sales point and pay the subscription fee. The registration authority shall go through the relevant formalities and confirm the subscription. After the establishment of open-end funds, the process of investors applying to fund management companies for purchasing fund shares through sales agencies is called subscription.
Investor-related expenses related to fund operation mainly include the following categories:
Operating expenses:
Fund operating expenses refer to the expenses incurred during the fund operation, mainly including management fees, custody fees and other expenses, which are directly deducted from the fund assets.
Management fee:
The fund management fee is the remuneration paid to the fund manager. Generally, it is calculated according to a certain proportion (annual rate) of the net asset value of the fund, extracted from the fund assets and paid regularly. Fund management fee is the main source of income for fund managers. The fund manager's own expenses cannot be spread into the fund or fund company, nor can they be charged to investors. Daily management fee = calculated daily fund net asset value × management rate ÷ days of the year.
Custody fee:
Fund custody fee refers to the fee charged by the fund custodian to the fund or fund company for providing custody services for the fund. Custody fees are usually drawn according to a certain proportion of the fund's net asset value, calculated and accumulated daily, and paid to the custodian regularly. Custody fee accrued daily = net asset value of the fund on the calculation day × custody rate ÷ days of the year.
Other expenses:
Other expenses include registration fee, seat rental fee, securities trading commission, lawyer's fee, accountant's fee, information disclosure fee, holder's meeting fee, etc.
Operating expenses:
Operating expenses are an important cost in capital operation. The operating expenses of funds with different investment strategies vary greatly. The above operating expenses and charging methods shall be announced in the fund prospectus.