投资学讲义-mba课件资料.pptVIP

Net Asset Value Used as a basis for valuation of investment company shares Selling new shares Redeeming existing shares Calculation: Open-End and Closed-End Funds: Key Differences Shares Outstanding Closed-end: no change unless new stock is offered Open-end: changes when new shares are sold or old shares are redeemed Pricing Open-end: Net Asset Value(NAV) Closed-end: Premium or discount to NAV Costs of Investing in Mutual Funds Fee Structure Front-end load Back-end load Operating expenses Other charges (called ‘12b-1’ in US) Distribution costs paid by the fund Alternative to a load Fees and