The valuation of the fund is only an estimated price, and the net value of the fund is the final transaction price. Generally speaking, we see that the fund has a loss, which is judged by the net value of the fund.

Since the fund valuation is estimated according to the heavy positions published in the quarterly or annual reports of products, and the fund manager may choose to switch positions later, the longer the last report is published, the greater the possibility of fund switching positions, so the more likely the fund valuation is to be inaccurate, the greater the deviation from the net value of the fund. Therefore, there may be a phenomenon that the valuation of the fund falls and the net value of the fund rises.