if the net value of a fund is .9 and the cumulative net value is 2.3, then buying such a fund will not be affected by the cumulative net value. The net value of a fund unit is the net asset value of each fund unit, which is equal to the balance of the total assets of the fund MINUS the total liabilities and then divided by the total number of unit shares issued by the fund. The subscription and redemption of open-end funds are carried out at this price. The transaction price of closed-end funds is the known market price at the time of buying and selling; On the other hand, the unit transaction price of open-end funds depends on the unit fund's net asset value, which is unknown at the time of subscription and redemption (but can be calculated after the market closes on the same day and announced on the next trading day).