Transactional money market funds refer to money market funds that meet the listing conditions of the exchange, trade by bidding in the trading system, and purchase or redeem according to the net fund value. The total share of the fund is not fixed and will remain unchanged forever.

Typical representatives of transactional money funds: Yin Hua Rili and Huabao Tianyi. The basic information of these two transactional money market funds is as follows:

Calculation of expected annualized expected return of transactional monetary fund

In the primary market, the price of investors' subscription/redemption of funds is the net value of funds. The exception is that the expected annualized expected return distribution of some transactional money funds is different from that of traditional money funds.

As we all know, the net value of the money fund has always remained at face value. The Fund distributes the expected annualized expected income of the Fund every day, and the expected annualized expected income is carried forward and distributed to investors when they redeem the Fund. On the other hand, Yin Hua Rili adopts the pricing method of "expected annualized expected income does not carry forward shares" in the monetary fund, that is to say, the net value of fund shares can continue to grow day by day. Investors who apply for redemption can fully see the expected annualized expected return of fund shares during the holding period by changing the net value of fund shares. In the secondary market, you can simply calculate the investment profit and loss according to the bid-ask spread. In addition, every year, Yin Hua Rili distributes all the portion of the net value of the fund share that exceeds the par value of the fund share to investors in the form of dividends.

Another trading fund, Huabao Tianyi, still distributes the expected annualized expected income of the fund every day, and the net value of the expected annualized expected income always remains at face value. The distributed expected annualized expected income is linked to the off-site expected annualized expected income account, and the carried forward expected annualized expected income will participate in the future expected annualized expected income distribution. If the investor redeems the shares, it shall be paid in proportion to the redemption; If the investor chooses to sell, it will be paid in one lump sum when all of them are sold.