The net fund value is the net asset value of each fund unit, which is equal to the balance of the total assets minus the total liabilities of the fund divided by the total number of units 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 trading;
The unit transaction price of open-end funds depends on the unknown net asset value of unit funds at the time of purchase and redemption (but it can be calculated after the market closes on the same day and announced on the next trading day).