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The Chinese market is closed from 10/1/2024 to 10/7/2024 for National Holiday. The ETF ASHR attempts to track the Chinese CSI 300 Index and holds Chinese A-shares. Why did the NAV of the fund change significantly from $28.94 on 9/30 to $32.58 on 10/4 when the Chinese market was closed? During the same period USD/CNH rose over 1% so it can't be due to currency exchange difference.

Taking the fund's top holding on 10/4 Kweichow Moutai Co Ltd as an example,

433,597 shares * closing price on 9/30 CNY 1748 = CNY 757927556 ~= USD 107.99M

The market value in the table $127.47M is over 18% more.

Fund holdings

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    This question is similar to: How are ETF prices calculated after the market is closed. If you believe it’s different, please edit the question, make it clear how it’s different and/or how the answers on that question are not helpful for your problem.
    – nanoman
    Commented Oct 6 at 13:25
  • @nanoman This question asks about the NAV, not the market price.
    – Qian
    Commented Oct 6 at 19:02
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    The NAV is made up of stocks it holds whose prices can change after hours.
    – D Stanley
    Commented Oct 6 at 20:42
  • (Require further research, hence a comment) Many CSI 300 Index companies are also listed on the Hong Kong Stock Exchange, which remained open between 2024-10-02 to 2024-10-04 and on 2024-10-07. The A-shares are probably not traded but the NAV calculations might derive from that of the H-shares.
    – B.Liu
    Commented Oct 7 at 13:34

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