The price fluctuates depending on the market value of a fund’s investments. Generally, the price of each unit is calculated by dividing the fund’s Net Asset Value (NAV) with the number of units outstanding. The NAV is the market value of the fund’s net assets. If the prices of investments held by this fund change, the NAV changes accordingly. ‘Number of outstanding units’ refers to the total number of units allotted so far in this fund. Funds are priced either by the “bid and offer pricing” method or the “single pricing” method. Details of the pricing method is provided in the prospectus and product highlights sheet. The bid price is the price at which investors sell or ‘redeem’ their units. The offer price is the price at which investors buy or ‘subscribe to’ units. Both instances will occur charges issued by the fund manager.