Fund valuation is the real-time change in fund net value made by some third-party fund comprehensive websites, but this number is an estimate and cannot be accurate.

It is mainly used to make simulated estimates based on the fund holding information displayed in the fund quarterly report, and is of little practical use.

Fund quarterly reports themselves are very outdated.

Quarterly reports are released about 20 days after the end of a quarter.

The data in the quarterly report are all information at the end of the previous quarter.

It is impossible to know whether the changes in these 20 days may be large or small.

The quarterly report only shows the 10 largest holdings and bond investments.

The other parts are unknown.

There is only one fund net value for OTC fund trading in a day, which is calculated after the market closes. Any fund transaction uses this net value, so the net value estimate on this day has no practical use.

On-market fund transactions, such as closed-end funds, LOF and ETF funds, have real-time net values ??that are meaningful. They are products traded in the secondary market, and the real-time net values ??are determined jointly by both supply and demand.