Suppose a stock fund is redeemed after one month, the redemption rate is the net value of the day, and the total redemption amount = redemption share × net value of fund share on T day = × ≈ yuan).
Redemption fee = total redemption amount × redemption rate = ××× year × month × day × month × day × month × day × month × day × month × day × month × day × month × day × month × day × month × day × month × month × day × month × month × day × month × month × day × month × day × month × month × day × month × month × day × month × month × month ×
Net redemption = total redemption-redemption fee = RMB)
Net profit = yuan)
Second, the calculation of the expected annualized expected return of the Monetary Fund
Since there is no redemption fee for the redemption of the Monetary Fund, the unit net value of the Monetary Fund will always be 1 yuan, and its expected annualized expected income will be distributed every day (fluctuating and different every day). The distribution of its expected annualized expected income is announced as follows: per 10,000 expected annualized expected income; ,; Expected annualized expected return per 10,000 shares means that the expected annualized expected return per 10,000 shares of the Monetary Fund that can be obtained today is RMB. ; Expected annualized expected rate of return on the 7 th; It is the average expected annualized expected income of 7 days converted into the expected annualized expected income of one year.
; Expected annualized expected income per 10,000 copies; It is the expected annualized expected income you actually get every day; Expected annualized expected rate of return on the 7 th; It is a parameter to examine the long-term expected annualized expected return ability of a monetary fund. In addition, if all the shares are redeemed at one time, the expected annualized income not carried forward will be cashed at the same time.
Seven-day historical expected annualized expected rate of return is an important indicator to measure the investment performance of money funds, which is used by many investors as the selection criteria for investing in money market funds. However, many investors actually don't understand or care how the annualized expected rate of return of the seven-day historical expectation is calculated. In fact, there are different methods to calculate the annualized expected rate of return of the seven-day historical expectation. Although there is little difference in the index values calculated by various methods, it is helpful for investors to understand this and form correct investment decisions. In addition, after investors buy money funds, they generally don't care too much about the carry-over of expected annualized expected returns. Similarly, the expected annualized expected return of the money fund also has different carry-over methods, which also subtly affects the performance of the money fund and its daily historical expected annualized expected return level, and investors should pay attention to it.
There are generally two methods to calculate the annualized expected return of seven-day historical expectation: simple interest algorithm and compound interest algorithm.
Among them, it represents the expected annualized expected income per 10,000 copies per day, and represents the 7-day historical expected annualized expected income under the simple interest algorithm and the compound interest algorithm respectively. Generally speaking, in the case of no dividend reinvestment, simple interest calculation method should be adopted, while in the case of dividend reinvestment, compound interest calculation method should be adopted.
There are two ways to carry forward the expected annualized expected return of money market funds. Dividend on a daily basis and carry it forward on a monthly basis; It is equivalent to daily simple interest and monthly compound interest.
The other is; Dividend on a daily basis and carry it forward on a daily basis; ? It is equivalent to compound interest every day. Therefore, under these two different ways of carrying forward the expected annualized expected income, the calculation formula of the expected annualized expected income of the seven-day history should also be different. According to the expected annualized expected income; Dividend on a daily basis and carry it forward on a daily basis; In this case, the compound interest calculation method is usually used to calculate the annualized expected rate of return of the seven-day historical expectation. And in; Dividend on a daily basis and carry it forward on a monthly basis; In this case, a simple interest calculation method is usually used to calculate the annualized expected rate of return of the seven-day historical expectation. It should be pointed out that this simple interest calculation method can not fully reflect the expected annualized expected return of monthly compound interest, and there is some underestimation. However, it is still widely used because its calculation method is simple and clear.