2. Closed-end funds or open-end funds have been transformed, and the performance after the transformation is poor, resulting in a cumulative net value lower than the unit net value.
The calculation formula of unit net value is: unit net value = (total assets-total liabilities)/total fund share, reflecting the present value of the fund and the expected income of the unit; The formula for calculating the accumulated net value is: the accumulated net value of the fund = the net value of the unit+the sum of accumulated dividends since the establishment of the fund, which reflects all the expected returns since the establishment of the fund.
Generally speaking, the unit net value of a fund is lower than its accumulated net value, but there are also some special circumstances that cause the unit net value to be higher than the accumulated unit net value.
Extended data:
The Measures for the Administration of Information Disclosure of Securities Investment Funds have different requirements for the publication time of the net value of different types of fund products.
1) The fund manager shall publish the net asset value and the net fund share value on the next day of the last market trading day of the semi-annual and annual period, and publish the net asset value, the net fund share value and the accumulated net fund share value in the designated newspapers and websites.
2) For closed-end funds, the fund manager shall announce the net asset value and net share value of the fund at least once a week.
3) For open-end funds, the fund manager shall announce the net asset value and net fund share value at least once a week after the fund contract comes into effect and before the fund share purchase or redemption.
4) After the open-end fund is open for subscription and redemption, the fund manager shall disclose the net value of fund shares and the accumulated net value of fund shares on the second day of each open day through websites, fund share selling outlets and other media.