When is the net value of open end fund subscription and redemption reference?

The redemption follows the principle of "unknown price", the unknown method, that is, when you buy and sell open-ended, you buy it with a fixed amount, that is, you want to buy 100,000 yuan, but you don't know how many copies you can buy and how much each copy is. And when you sell **, you are a share determined, that is, when you sell, you sell 5000 copies**, but you don't know how much these ** are sold for each copy.

The specific rule is that the application is submitted before 15:00 on the trading day, and the **net value of the day (calculated after the market closes at 15:00) is used as the transaction**; After 15:00 on a trading day or a non-trading day, the **net value of the next working day will be regarded as the transaction**.

So tonight's application will be tomorrow's ****.

No, if you submit your application after 15:00, you will need to apply according to the net value published tomorrow night**. According to the 29th net value**, the application must be submitted from 15:00 yesterday to 14:59 today, please read my second paragraph.

The net value of open-ended** subscription and redemption is based on the trading day.

Take your example as an example, today Tuesday, **substantially**, if you subscribe today**, according to today's net value (lower than yesterday's.

In the same way, today's redemption is also calculated according to today's net value.

Hello, ** is traded according to the "unknown price method". The valid subscription or redemption application you submit before 15:00 on the trading day will be traded according to the net value of the day, and the net value of the day will be updated and disclosed in the evening of the same day at the earliest (overseas** will be disclosed at the evening of the next trading day at the earliest), 15:

Applications submitted after 00 are usually confirmed by the equity calculated on the next trading day.

(1) The principle of "unknown price", that is, the subscription and redemption are calculated based on the net asset value of the **unit on the date of application;

2) The principle of "amount subscription and share redemption", that is, the subscription is applied for by the amount and the redemption is applied for by the share;

3) In the case of restricted subscription, the subscription fee shall be calculated by multiplying the rate corresponding to the amount of a single subscription application by the amount of a single confirmed subscription;

4) The subscription and redemption application on the same day can be cancelled before 15:00 on the same day;

5) The maximum proportion of units held by a single account during the duration of the account shall not exceed 10% of the total shares. When the proportion of individual accounts held by individual accounts exceeds 10% of the total shares due to insufficient subscription during the fundraising period, redemption by other investors or reinvestment of dividends during the duration of the fundraising period, redemption is not mandatory but additional investment is restricted;

6) During the duration of the **, the ** share subscribed by a single investor plus the ** share held by it on an open day shall not exceed 10% of the total share of the previous open day**, and the excess part will not be confirmed;

At present, the main principles of subscription and redemption followed by open** are:

1 "Unknown price" trading principle.

Investors cannot be informed of the transaction of the purchase and sale at the time of subscription and redemption of **shares**. Subscription and redemption can only be calculated based on the net value of shares announced by the manager after the end of the trading hours on the subscription and redemption date, which is different from the "known price" principle of financial products such as ** and closed-ended**.

2. The principle of "amount subscription and share redemption".

The manager may adjust the above principles in accordance with the law according to the actual situation of the operation. Before the implementation of the new rules, the ** manager must make an announcement on the designated ** in accordance with the relevant provisions of the "Administrative Measures for the Disclosure of Investment Information". The manager shall not subscribe, redeem or convert the shares on a date or time other than that agreed in the contract.

If an investor submits an application for subscription, redemption or conversion on a date and time other than that agreed in the contract, the **share subscription and redemption** shall be the open day on which the next and next **share subscription and redemption time is handled.

Answer]: C This question examines the ** net worth announcement. There is a difference in the frequency of disclosure of net worth announcements between Rock Shirt Closed Docket and Open**.

Closed-ended** generally discloses NAV and NAV shares at least once a week. For open-ended **, before it is released for subscription and redemption, it is generally disclosed at least once a week, such as the net asset value and the net value of the shares; After the subscription and redemption are released, the net value of shares and the cumulative net value of shares on each open day will be disclosed. See Textbook (Volume II), p108.

Open** can be subscribed and redeemed at any time during the open periodHowever, it is necessary to comply with the principle of amount subscription and share redemption。At the time of redemption, in line with the first-in-first-out principle, if the investor chooses to sell half of the shares, then the system will automatically redeem the ** share, and the ** share will continue to run later. <>

Open-ended funding is a combination of investments that can play a role in diversifying risks during the investment process. Usually, the investment company will bring together a large number of small and medium-sized investors, so that they can invest more small funds to form a larger strength stock, forming an open-ended **.

Open-ended investment to diversify a certain risk, the investor buys the funds scattered in a variety of investment, through the purchase of indirect investment in the market, the money can be operated and managed by experts or institutions, compared with individual investment, can increase the opportunity to make profits.

Open-ended funds are relatively small in terms of investment costs, and under normal circumstances, **investment** is relatively low in quantity, compared to **market, only 1000 **units** can be used. In the process of investment, investors can buy more or less units according to their own financial characteristics, so that investors can still turn their funds up and make a successful profit when they have little money and it is difficult to enter the market.

In addition, the liquidity of the open ** is relatively good, the procedure of buying ** is relatively simple, and investors can directly operate on the mobile phone, and directly buy or redeem from the ** management company or through the agency, such as banks, brokers, etc.

Investors can redeem it at any time as long as it is within the open period, but they need to abide by certain principles. Under normal circumstances, when redeeming **, the principle of amount subscription and share redemption should be followed. When redeeming funds, we follow the first-in-first-out principle, for example, when we redeem funds, we only sell half of the shares, then the system will automatically redeem half of the previous shares, and the subsequent shares will continue to run in the form of funds.

In the principle of open redemption, there is one more to add, that is, in the case of restricting subscription, but it must be calculated according to the amount of a single confirmed subscription, when ** is in the renewal period, if the maximum proportion held in a single account does not exceed 10% of the total shares, it can be considered that during the fundraising period, the subscription is insufficient, and the proportion held by the customer's customers during the renewal period cannot exceed 10% of the total shares, and the institution will not force the redemption of this ** brave, but will restrict investors from making additional investments.

All in all, open ** is a kind of investment is less and simple **, as long as it can be redeemed independently during the open period, in the principle of redemption, to follow the principle of amount subscription, share redemption, in the case of unknown**, subscription and redemption ** must be calculated based on the **net asset value of the day, before three o'clock in the afternoon every day, the operation needs to be completed, and the application for redemption cannot be revoked after three o'clock.

Open** refers to the fact that you can subscribe and redeem at any time during the open period, using the principle of "amount subscription, share redemption", and the first-in-first-out principle should be followed when redeeming.

It is possible to do this during the open period, but it is necessary to pay attention to the time issue and the relevant amount of the subscription.

Open** is a state of open subscription and redemption, and investors can subscribe and redeem** shares at any time.

At present, domestic individual investors do not need to pay taxes to buy**, and if you have held it for 10 years**, the redemption fee is also exempt.

How much money you get for redemption = Redemption share **Net value.

Due to the different ways and rules of product sales, the transaction methods such as subscription and redemption are also different, so how to redeem open-ended? How long does it take for an open-ended** subscription to be redeemed?

**Trading Rules:

1. The trading time of ** is the trading time of **, and the company will make a valid confirmation from Monday to Friday (except statutory holidays), and the application for redemption share confirmation will be postponed from 9:30 a.m. to 3 p.m. on the date of submission of the application, and the redemption will be postponed for two days.

2. Open-ended refers to a mode of operation in which the total size of units or shares is not fixed when the promoter is established, and the units or shares issued can be redeemed at any time according to the needs of investors, and the units or shares issued outside can be redeemed at the request of investors.

Investors can either buy through the sales agency to increase the assets and scale accordingly, or sell the shares they hold to the company and recover the cash to reduce the assets and scale accordingly.

Open-ended **redemption rate:

Redemption amount = redemption share T day ** net value of the unit - redemption fee.

Redemption Fee = Redemption Shares T Day **Net Unit Value Redemption Rate.

Open-ended redemption process:

1. Issue redemption instructions: Customers can issue redemption instructions by fax, Internet, etc., or in person to the company's direct sales center or agency outlets.

2. Redemption basis: The redemption is the net value on the redemption date, plus the redemption fee.

3. Receiving the redemption money: When the investor redeems**, he cannot get the money on the day of the transaction, and the money will generally be drawn out three to five days after the transaction day, and no more than seven days at the latest.

Answer]: Purchase**: Monday to Friday (under normal circumstances) is subject to the application (arrival) time, at 15:

00 years ago, by today's net worth. After 15:00, the next day's net value will be pressed.

Generally speaking, the virtual old is based on the funds to the ** company, which is divided into before 15:00 and after 15:00.

**On what date is the net redemption value calculated? If it is purchased on Friday**, the net value of Friday will be used before 15:00, and after 15:00 because there is no trading on Saturday and Sunday, the net value will be calculated as the net value of the next Monday.

Redemption**: Redemption before 15 o'clock on the trading day, calculated according to the **net value announced by the company **after the same day, otherwise the **net value after the next trading day**. Currency** and short-term debt** are generally redeemed within two working days, and others** are generally received within five working days.

Financial experts suggest that when investors encounter large-scale subscription and redemption, it is best to decide whether to subscribe and redeem within 2 pm to 3 pm on the same day, so that the net value of the unit can be estimated, for example, on March 7, at more than two o'clock in the afternoon of the same day, the Shanghai Composite Index has been more than 2%, and the net value of the unit should decline by about 70%.

**On what date is the net redemption value calculated? The above is the calculation method of **redemption net value, Monday to Friday (under normal circumstances) to the application (arrival) time shall prevail, before 15:00, according to today's net value.

Open-ended trading adopts the principle of unknown price, and the daily net value (i.e., the transaction) is calculated after the day of the transaction, so you don't know how much the transaction is when you subscribe for the base sock beam or redeem it. If you are during the day's regular trading hours (usually Monday to Friday, 9:30 a.m. to 11 a.m

30;1:00 p.m. to 3:00 p.m.), the net value of the day will be calculated, and if you trade during non-trading hours, the net value of the next trading day will be calculated.