An important difference between open-end funds and closed-end funds is that the transaction price is determined in different ways. Closed-end funds are traded among investors in the securities market, and their prices are mainly determined by the relationship between market supply and demand. If you want to sell the fund, but no one in the market is willing to buy it at your quotation, then you can only lower the quotation until someone is willing to buy it at this price.

The transaction price of open-end funds is based on the net value of fund units. When investors go through the redemption procedures, the net value of the fund unit is taken as the "transaction price", and a certain handling fee is added to complete the "selling" procedures.

Then, how is the unit net asset value of open-end funds calculated?

Net asset value of the fund on day T = total assets of the fund-total liabilities of the fund

Net asset value of fund units on T day = net asset value of fund on T day/total number of fund units issued on T day.

Among them, total assets refer to all assets owned by the fund (including stocks, bonds, bank deposits and other securities, etc.). ) calculated at fair price; Total liabilities refer to liabilities arising from fund operation and financing, such as management fees payable, custody fees payable, interest payable and income payable. The total number of open-end funds is different every day, so it must be counted after the closing date of the transaction, and divided by the net asset value of the fund on that day to get the net asset value of the unit on that day, which can be used as the basis for investors to purchase and redeem.

The subscription and redemption of funds occur every day, so the net asset value of fund units as the basis of transactions must be calculated after the daily market closing and announced the next day.

The calculation of the total assets of the fund generally follows the following principles:

1. The listed securities shall be calculated according to the average price or closing price on the closing date of the announcement. If there is no transaction on that day, the average price of the latest trading day or

Subject to the closing price;

2. Unlisted stocks are calculated at cost price;

3. Unlisted bonds and bank deposits are calculated by adding the principal to the accrued interest on the valuation date;

4. In case of special circumstances, if it is impossible or inappropriate to determine the asset value according to the above provisions, the fund manager shall handle it according to the relevant provisions of the state.

5. Profit and loss rate of funds

45.70%

Note: The stamp duty in this column is 0. 1%, and the handling fee rate is 0.3%. The buying and selling prices set in this column.

"Above" refers to the price above the stock price (including the price, the same below); "Below" calculates the transaction price at a price lower than the stock price.