1. The valuation of the fund is affected by the current supply and demand of the fund. If many people are optimistic about the fund, then the valuation price of the fund is higher than the net value. On the contrary, if people are generally not optimistic about the fund, the valuation of the fund will be lower than the net value, and more people are willing to sell it at a price lower than the net value.

2. There are transaction costs in the purchase or redemption of funds, which leads many investors to be willing to sell directly in the secondary market when the funds are listed.

3. Fund redemption takes about 3-7 trading days, and the time cost is relatively high.

Extended data:

Fund valuation principles:

The fund management company shall, in strict accordance with the new accounting standards for business enterprises, the relevant provisions of the China Securities Regulatory Commission and the agreement on valuation in the fund contract, value the investment varieties held by the fund according to the following principles:

1. For investment products with active market, if there is a market price on the valuation date, the fair value shall be determined by using the market price; If there is no market price on the valuation date, but the economic environment has not changed significantly after 20 13, and there is no major event affecting the securities price by the securities issuer, the fair value must be determined by using the trading market price.

2. For the investment products with active market, if there is no market price on the valuation date, and the economic environment changes significantly after 20 13, or the securities issuer has a major event that affects the securities price, so that the impact of potential valuation adjustment on the fund's net asset value on the previous valuation date exceeds 0.25%, the fair value should be determined by referring to the current market price and major changes of similar investment products.

3. When there is no active market for investment products, and the impact of its potential valuation adjustment on the net asset value of the fund on the previous valuation date is more than 0.25%, the valuation technology generally recognized by market participants should be adopted and verified with the actual transaction price in the past to determine the fair value of the investment products.

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