Before understanding the trading rules of funds, we must first understand the concept of fund net worth. Fund net value, also known as fund unit net value, is the net asset value of each fund unit, which is equal to the balance of total assets minus total liabilities of the fund divided by the total number of unit shares issued by the fund. The subscription and redemption of open-end funds are carried out at this price. Therefore, the net value of the fund is the price of the fund, and the fund has only one net value every day, which is announced after the market closes.
Fund trading is different from stock trading. Stock prices fluctuate in real time. When you buy, the price at that moment is your cost price, while ordinary open-end funds only publish a net fund value every day, no matter when you buy during trading hours, it is the net fund value. Fund subscription is equivalent to buying the share of the fund. After the fund share is confirmed, the fund can begin to calculate the income. If the fund is purchased on the same day, the fund share is generally determined on the second trading day. That is to say, after the subscription application is submitted on the same day, the fund income will be calculated from the next trading day, and the customer needs to check the position income on the third trading day, but the calculation date of the income is still the second trading day.
In other words, on the day of fund subscription, no matter how much the net value of the fund rises or falls on that day, it will not affect the profit and loss of investors, but it will affect the cost of investors' positions.
For stock funds, hybrid funds, bond funds and so on. There is another important time, that is, 3 pm. Assuming that the fund is successfully subscribed before 3 pm on the same day, the subscription share of the fund can be confirmed on the second trading day (note that it is a trading day, and it will be postponed in case of holidays), and the profit and loss can be calculated, and the warehouse can be checked on the third trading day. If the fund is purchased after three o'clock in the afternoon, it has been closed at this time. Although the funds have been withdrawn, it is equivalent to buying on the second trading day and confirming the fund share on the third trading day. If it is a new fund subscription, the date when the fund calculates the profit and loss shall be calculated from the date when the fund is established.
For non-net-worth varieties such as money funds, if it is a holiday, assuming that the subscription is successful before 3 pm on the day of subscription, the second day is a non-trading day and the third day is a trading day, then the fund share will be confirmed on the third day, that is, the income will be calculated on the third day. If the fund has been held, it will be redeemed successfully before 3 pm on the same day, and the next day will be a non-trading day and the third day will be a trading day.