The net value of fund units is the net asset value of each fund unit, which is equal to the balance of the total assets of the fund minus the total liabilities divided by the total number of units issued by the fund. The subscription and redemption of open-ended funds are carried out at this price. The transaction price of closed-end funds is the market price that has been confirmed at the time of transaction; In contrast, the unit transaction price of open-ended funds depends on the net asset value of unit funds that are not known at the time of subscription and redemption (but can be calculated after the market closes on the day and announced on the next trading day).
Calculation of known price
Known price, also known as historical price, refers to the closing price of the previous trading day. The known price calculation method is that the fund manager calculates the total value of the financial assets owned by the fund, including stocks, bonds, futures contracts, warrants, etc., based on the closing price of the previous trading day, plus cash assets, and then divides by the total number of fund units sold to obtain the net asset value of each fund unit. By using the known price calculation method, investors can know the buying and selling prices of unit funds on the same day, and can go through the delivery procedures in a timely manner.
Unknown price calculation
The unknown price, also known as futures price, refers to the closing price of various financial assets on the securities market of the day, that is, the fund manager calculates the fund based on the closing price of the day
Net asset value per unit. When implementing this calculation method, investors do not know the price of the fund they buy or sell on the same day, but they should know the price of the unit fund the next day.
Basic formula
Net value of fund units=(total assets - total liabilities)/total number of fund units
Total assets refer to all assets owned by the Fund, including stocks, bonds, bank deposits and other securities; Total liabilities refer to the liabilities formed during fund operation and financing, including various expenses payable to others, capital interest payable, etc; The total number of fund units refers to the total number of fund units issued at that time.
Valuation calculation
The calculation of the net asset value of the Fund units includes the calculation of the total net asset value of the Fund and the calculation of the net asset value of the Fund units.
According to generally accepted accounting principles, total net asset value of the Fund=total assets of the Fund - total liabilities of the Fund.
The total assets of the Fund include all the contents of the Fund's investment portfolio:
(1) The listed stocks and warrants owned by the Fund shall be subject to the closing price of the centralized trading market on the calculation day; Unlisted stocks and warrants shall be measured by a qualified accounting firm or asset evaluation institution.
(2) For public bonds, corporate bonds, financial bonds and other bonds owned by the Fund, if they have been listed, the closing price on the calculation date shall prevail; For unlisted companies, their par value plus the interest receivable up to the calculation date shall prevail.
(3) The short-term bills owned by the Fund shall be subject to the purchase cost plus the interest receivable from the purchase date to the calculation date.
(4) If there is no closing price or reference price on the calculation date specified in Article (1) and (2), the latest closing price or reference price shall be substituted.
(5) Cash and cash equivalent assets, including deposits in other financial institutions.
(6) Provision for assets and contingent liabilities that may not be fully recovered.
(7) Assets that have entered into a contract but have not yet been fulfilled shall be regarded as fulfilled assets and included in the total assets.
