1. Different meanings. IOPV means that the reference unit fund net value of an ETF is an approximation of the real-time unit net value of the ETF calculated by the exchange, so that investors can estimate whether the ETF transaction price deviates from the intrinsic value.
In addition to revealing the SSE 50 Index every 15 seconds, the Shanghai Stock Exchange will also reveal the estimated net value per unit fund share (that is, IOPV) of the SSE 50 Index ETF within the same time interval for investors' reference.
The net value of fund units refers to the current total net assets of the fund divided by the total number of fund shares.
2. Different calculation methods: net value of fund units = (total assets – total liabilities)/total number of fund units.
Among them, total assets refer to all the assets owned by the fund, including stocks, bonds, bank deposits and other securities; total liabilities refer to the liabilities formed during the operation and financing of the fund, including various fees payable to others and interest payable on funds.
etc.; the total number of fund units refers to the total number of fund units outstanding at that time.
IOPV is the reference net value of ETF fund shares. It is calculated by the stock exchange based on the calculation method provided by the fund manager and the daily subscription and redemption list, and based on the latest transaction price of the portfolio securities in the list.
The IOPV value is calculated and announced every 15 seconds as an estimate of the net value of the ETF fund share.
3. Different influencing factors. IOPV is the dynamic intraday net value of the fund.
In real offer operations, the transaction price is affected by the relationship between supply and demand.
IOPV is just a reference value.
The secondary market price of ETF changes with the change of IOPV. Its biggest advantage lies in the management of ETF.
Currently, most of the existing ETFs in the world are index funds and do not conduct active research and timing of individual stocks.