Fund Redemption Process
Redemption & Timeline
Redemption: Users can initiate a redemption on the Fund Details page by entering the number of units they wish to redeem.
Redemption Timeline: Under normal circumstances, when a user submits a redemption request on a trading day (Day T), the request is confirmed on the same day. Redemption proceeds will be deposited into the user's securities account on the settlement day, Day T+N (referring to the N-th business day after Day T, excluding Day T). Cutoff times and settlement durations (N days) vary by fund. Please refer to Fund Details -> Trading Rules for specific information.
Transaction Statuses
- Pending Confirmation: Your order is awaiting transaction request confirmation and will be processed on its assigned trading day (Day T). You may cancel this order anytime prior to the cutoff time on Day T.
- Cancelled: The order was manually cancelled by you.
- Processing: Your order has been submitted to the fund company. Once the transaction is complete, you will be able to view the corresponding amount/units. Orders in this status cannot be cancelled.
- Successful: Your order has been completed. You can view the updated unit holdings or redemption proceeds in the app.
- Failed: Your order was cancelled by uSMART or the fund company due to an anomaly. (uSMART reserves the right of final interpretation.)
Fund Flow
Users deposit funds into their HKD or USD securities account, then select and subscribe to funds denominated in the corresponding currency. Total fund assets and stock assets are aggregated in the account summary, but detailed position holdings for funds and stocks are displayed separately. Upon fund redemption, proceeds are credited back to the securities account in the corresponding currency as withdrawable funds.
Return Calculations
- Daily Return: Daily Return = Subscribed Units Held × (Fund NAV on Day T – Fund NAV on Day T-1)
- 7-Day Return: The accumulated returns over the past 7 calendar days.
- Holding Return: Total cumulative return from the date the fund position was opened up to the date of the latest NAV update.
