The net asset value of a fund refers to the balance of the total market value of fund assets calculated at fair value after deducting liabilities at a certain fund valuation point, which is the rights and interests of fund share holders. The process of calculating fund assets at fair price is the valuation of the fund. The net asset value of a fund unit refers to the net asset value of the fund represented by each fund unit. The formula for calculating the net asset value of fund units is: net asset value of fund units = (total assets-total liabilities)/total number of fund units. Among them, total assets refer to all assets owned by the fund (including stocks, bonds, bank deposits and other securities, etc.). ) calculated at fair price. Total liabilities refer to liabilities arising from fund operation and financing, including various expenses payable to others and interest payable on funds. The total number of fund shares refers to the total number of fund shares issued at that time. Fund valuation is the key to calculate the net asset value of fund units.

Funds usually invest in various investment instruments in the securities market, such as stocks and bonds. Because the market price of these assets is constantly changing, only by recalculating the net asset value of the unit fund every day can the investment value of the fund be reflected in time. The valuation principles of fund assets are as follows: listed stocks and bonds are calculated according to the closing price on the calculation day, and if there is no transaction on that day, it is calculated according to the closing price of the latest trading day. Unlisted stocks are calculated at cost price. Unlisted government bonds and unexpired time deposits are calculated according to the accrued interest plus principal on the valuation date. If it is impossible or inappropriate to determine the value of assets in accordance with the above provisions under special circumstances, the fund manager shall handle it in accordance with the relevant provisions of the state. The transaction price of closed-end funds is the known market price at the time of trading; On the other hand, the unit transaction price of the open-end fund depends on the net asset value of the unit fund, which was not known when applying for qw redemption (but it can be calculated after the market closes on the same day and announced on the next trading day).