Compared with stocks, funds are less volatile, but sometimes we will find that the net value of some funds will suddenly skyrocket, and the increase even far exceeds the stock price limit. Although the increase is so high, the holders of these funds cannot get rich overnight. Because the rise of the fund is not brought by the income of the fund portfolio, but something else has gone wrong.

In the middle of 20 19, the fund soared, and the net value of Pioneer Quantitative Optimization Fund rose from 1.0255 to 47.7068 in a single day, with an increase of 4552.05%.

In fact, the surge of such funds is mainly caused by the huge redemption of funds, which has nothing to do with the investment operation of funds.

The fund prospectus stipulates: "For the redemption fee charged for the fund shares of Class A funds with a holding period of less than 30 days, the redemption fee is fully included in the fund property, and for the fund shares of Class A funds with a holding period of not less than 30 days but less than 3 months, 75% of the redemption fee is included in the fund property".

Based on this provision, when Class A share holders make huge redemptions, a large amount of redemption fees will be generated, which will be included in the fund assets with few remaining shares, and the net value of the fund will skyrocket. Especially for relatively small funds, this phenomenon is more likely to occur if they encounter large redemption.

In addition to the huge redemption, the abnormal fluctuation of the fund's net value and the rounding of the fund's net value may lead to the skyrocketing or plunging of the fund's net value.

In order to avoid the large fluctuation of net value caused by large redemption, many fund companies have issued announcements to improve the accuracy of net value of shares.