--- title: "Fund Certificates and ETFs: Pricing, Trading Mechanisms, and Fees" description: Comparing open-ended funds and ETFs on HOSE, decoding NAV valuation, intraday iNAV, AP creation and redemption cycles, and fund fee structures in 2026. url: https://ginity.vn/en/blog/fund-certificates-and-etfs canonical: https://ginity.vn/en/blog/fund-certificates-and-etfs markdown: https://ginity.vn/en/blog/fund-certificates-and-etfs.md language: en datePublished: 2026-10-27T00:00:00+07:00 dateModified: 2026-10-27T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: learn name: Learn investing url: https://ginity.vn/en/learn tickers: - E1VFVN30 - FUEVFVND - DCDS - FPT - MWG - GMD - TCB - ACB sources: - name: Vietnam Securities Depository and Clearing Corporation (VSDC) url: https://vsdc.vn/vi/ad/201778 title: "E1VFVN30: Fund certificate adjustment after creation and redemption transaction 1694" - name: Vietnam Securities Depository and Clearing Corporation (VSDC) url: https://vsdc.vn/vi/ad/201744 title: "FUEVFVND: Fund certificate adjustment after creation and redemption transaction 1188" - name: Dragon Capital VietFund Management url: https://dautu.dragoncapital.com.vn/bang-gia-chung-chi-quy title: Dragon Capital Fund Certificate Price Board Today (NAV 8 Funds) - name: Dragon Capital VietFund Management url: https://dautu.dragoncapital.com.vn/product/etf/e1vfvn30 title: "E1VFVN30 - DCVFMVN30 ETF: NAV, Fee Structure, and Portfolio Report" - name: Dragon Capital VietFund Management url: https://dautu.dragoncapital.com.vn/product/etf/fuevfvnd title: "FUEVFVND - DCVFMVN DIAMOND ETF: NAV, Fee Structure, and Portfolio Report" - name: Government of Vietnam url: https://vanban.chinhphu.vn/?docid=202359&pageid=27160 title: Circular 98/2020/TT-BTC guiding the operations and management of securities investment funds - name: Ministry of Finance url: https://vanban.chinhphu.vn/?docid=215776&pageid=27160 title: Consolidated Document 44/VBHN-BTC consolidating Circular 120/2020/TT-BTC on securities trading - name: Ministry of Finance url: https://vbpl.ts24.com.vn/support/solutions/articles/16000226094-quy%E1%BA%BFt-%C4%91%E1%BB%8Bnh-1541-q%C4%91-btc-ng%C3%A0y-29-04-2025-m%E1%BB%A9c-gi%C3%A1-d%E1%BB%8Bch-v%E1%BB%A5-trong-l%C4%A9nh-v%E1%BB%B1c-ch%E1%BB%A9ng-kho%C3%A1n-%C3%A1p-d%E1%BB%A5ng-t%E1%BA%A1i-s%E1%BB%9F-giao title: Decision 1541/QD-BTC promulgating securities service pricing schedules - name: Government of Vietnam url: https://vanban.chinhphu.vn/?docid=218684&pageid=27160 title: Decree 253/2026/ND-CP detailing the implementation of the Personal Income Law publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # Fund Certificates and ETFs: Pricing, Trading Mechanisms, and Fees > Comparing open-ended funds and ETFs on HOSE, decoding NAV valuation, intraday iNAV, AP creation and redemption cycles, and fund fee structures in 2026. Gini · Learn investing · 2026-10-27 · https://ginity.vn/en/blog/fund-certificates-and-etfs _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - As of October 23, 2026, total assets under management for leading domestic ETFs on HOSE reached VND 10,677.2 billion for DCVFMVN DIAMOND ETF (FUEVFVND) and VND 5,910.9 billion for DCVFMVN30 ETF (E1VFVN30) according to Dragon Capital. - Confirmed net asset value per fund certificate at the close of October 23, 2026, stood at 34,186.81 VND for E1VFVN30 and 94,486.43 VND for open-ended equity fund DCDS. - Open-ended funds transact directly with fund managers at post-close NAV, whereas ETFs publish continuous indicative NAV (iNAV) and trade in 100-certificate lots on HOSE. - Authorized Participants perform primary creation and redemption in minimum blocks of 100,000 certificates, with VSDC reporting 500,000 net units issued for FUEVFVND on October 23, 2026. Investing through institutional fund managers provides broad exposure across a diversified portfolio of listed Vietnamese equities. Rather than picking single stocks, investors purchase public fund certificates that represent proportional fractional ownership of an underlying pool of financial assets. The Vietnamese capital market features two primary collective investment vehicles: conventional open-ended funds and exchange-traded funds. As of October 23, 2026, total assets under management for DCVFMVN DIAMOND ETF (FUEVFVND) reached VND 10,677.2 billion according to the [Dragon Capital FUEVFVND fund page](https://dautu.dragoncapital.com.vn/product/etf/fuevfvnd), while DCVFMVN30 ETF (E1VFVN30) stood at VND 5,910.9 billion according to the [Dragon Capital E1VFVN30 fund page](https://dautu.dragoncapital.com.vn/product/etf/e1vfvn30) (fund size field, shown beside NAV per unit dated 23/10/2026). Examining the legal status, order execution mechanics, and fee schedules of each vehicle clarifies their structural differences. ## Legal structure of open-ended funds and ETFs Under Article 4 of Securities Law 54/2019/QH14 and regulatory guidelines in [Circular 98/2020/TT-BTC](https://vanban.chinhphu.vn/?docid=202359&pageid=27160), an **open-end fund** is a public fund whose certificates must be redeemed by the fund management company upon investor request. Open-ended funds have indefinite operating horizons. Total outstanding fund certificates expand or contract based on capital subscriptions and redemptions. Certificates are not listed on centralized stock exchanges; instead, investors transact directly through appointed distribution agents at net asset values verified after trading hours. An **exchange-traded fund (ETF)** is an open-end fund formed through receiving and exchanging baskets of constituent index securities for fund certificates. The primary structural distinction is that ETF certificates are listed and traded directly on the Ho Chi Minh City Stock Exchange (HOSE) under [Consolidated Document 44/VBHN-BTC](https://vanban.chinhphu.vn/?docid=215776&pageid=27160). Market participants buy and sell ETF units on electronic price boards throughout the trading day alongside ordinary equities. | Dimension | Conventional Open-Ended Fund | Exchange-Traded Fund (ETF) | | :--- | :--- | :--- | | Trading Venue | Direct with fund manager or registered distributors | Central order book and put-through on HOSE | | Execution Timing | Once daily after afternoon market close (T-day) | Continuous matching across morning and afternoon sessions | | Pricing Method | Post-close NAV per certificate on T-day | Real-time market execution price fluctuating around iNAV | | Order Minimum | Capital threshold set by fund rules (from 10,000 VND) | Standard 100-certificate lots on HOSE | | Creation Mechanism | Direct cash subscriptions and redemptions | Primary in-kind creation and redemption via constituent baskets | | Portfolio Disclosure | Monthly or quarterly detailed fund reports | Daily constituent basket published before the opening session | | Management Style | Active management seeking alpha generation | Passive index tracking minimizing tracking error | Source: Compiled from [Circular 98/2020/TT-BTC](https://vanban.chinhphu.vn/?docid=202359&pageid=27160) and [Dragon Capital reports](https://dautu.dragoncapital.com.vn/bang-gia-chung-chi-quy) (23/10/2026) ## Calculating net asset value and intraday indicative NAV The core financial valuation metric of a fund certificate is **net asset value (NAV)**. This figure is computed according to valuation standards defined in [Circular 98/2020/TT-BTC](https://vanban.chinhphu.vn/?docid=202359&pageid=27160): $$\text{NAV per certificate} = \frac{\text{Total fund assets} - \text{Total fund liabilities}}{\text{Total outstanding certificates}}$$ Total assets encompass equities, bank deposits, and pending dividend receivables marked to market. Liabilities include accrued management fees, custodian charges, audit expenses, and short-term settlement payables. An independent supervisory bank confirms this calculation at the end of each business day. As of October 23, 2026, confirmed NAV per certificate stood at 34,186.81 VND for E1VFVN30 and 94,486.43 VND for active equity fund DCDS according to the [Dragon Capital price board](https://dautu.dragoncapital.com.vn/bang-gia-chung-chi-quy). Open-ended fund investors submit purchase orders prior to the afternoon cut-off time and receive this final evening NAV. ETFs address the intraday pricing gap through indicative net asset value (iNAV), which is updated during trading hours under [Circular 98/2020/TT-BTC](https://vanban.chinhphu.vn/?docid=202359&pageid=27160). iNAV is stated per outstanding fund certificate (per unit), not per creation unit: the intraday value of the constituent basket stocks plus net cash, divided by the number of certificates outstanding. This makes iNAV directly comparable with the price of one certificate on the price board. Traders consult iNAV on market displays to ensure limit orders align with underlying basket worth. ## Primary creation cycles and secondary exchange trading ETFs operate on two connected tiers of capital market infrastructure: The primary market handles direct creation and redemption transactions between the asset manager and **authorized participants** (APs) in minimum blocks of 100,000 certificates according to [Circular 98/2020/TT-BTC](https://vanban.chinhphu.vn/?docid=202359&pageid=27160). During creation, an AP delivers the exact basket of underlying index stocks alongside cash balancing components to receive newly issued ETF blocks. During redemption, the AP surrenders ETF blocks to receive the underlying equity basket. Official clearing data illustrates continuous primary market activity. On October 23, 2026, FUEVFVND executed creation cycle 1188, issuing 500,000 net new certificates to raise total circulating supply to 323,900,000 units according to the [VSDC disclosure](https://vsdc.vn/vi/ad/201744). On the same date, E1VFVN30 completed redemption cycle 1694, extinguishing 200,000 certificates to adjust circulating volume to 172,900,000 units according to the [VSDC notice](https://vsdc.vn/vi/ad/201778). The secondary market functions on HOSE, where individual investors trade listed ETF units in 100-certificate lots. Authorized participants and arbitrage traders monitor price spreads between secondary market exchange quotes and intraday iNAV, executing creation or redemption transactions on the primary market whenever significant divergences appear, which pulls the market price back toward the underlying net asset value. ## Premiums and discounts on exchange-traded units The divergence between an ETF exchange quote and its intrinsic basket value is measured as a percentage spread: $$\text{Spread percentage} = \frac{\text{Market Price} - \text{iNAV}}{\text{iNAV}} \times 100\%$$ When the exchange quote trades above iNAV, the fund certificate trades at a premium; when below, it trades at a discount. For liquid products tracking broad large-cap benchmarks like DCVFMVN30 ETF (E1VFVN30), price divergences against iNAV remain tight during trading hours due to ongoing arbitrage transactions executed by authorized participants. In contrast, DCVFMVN DIAMOND ETF (FUEVFVND) frequently trades at a market premium due to foreign ownership constraints. The underlying VNDIAMOND index contains prominent equities that have reached their regulatory foreign caps. As of September 30, 2026, FUEVFVND held large weights in FPT at 16.1%, MWG at 14.8%, GMD at 10.2%, TCB at 9.1%, and ACB at 7.4% according to the [FUEVFVND fund report](https://dautu.dragoncapital.com.vn/product/etf/fuevfvnd). Foreign institutions restricted from purchasing direct shares bid up FUEVFVND on HOSE, creating sustained premiums above net asset value. When foreign demand moderates, this market spread gradually contracts toward intrinsic NAV. ## Management fees, trading friction, and taxation Fund participants must separate recurring management expenses deducted directly from fund capital from episodic trading friction incurred during purchase and sale: Management fees are calculated as an annual percentage of aggregate NAV and accrued daily before publishing official valuations. As of October 23, 2026, passive fund E1VFVN30 charges 0.65% annually according to the [E1VFVN30 fund report](https://dautu.dragoncapital.com.vn/product/etf/e1vfvn30). FUEVFVND charges 0.80% per year according to the [FUEVFVND fund report](https://dautu.dragoncapital.com.vn/product/etf/fuevfvnd). Active mutual funds like DCDS charge higher baseline fees annually to fund internal company research and equity analysis. Regarding transaction fees in 2026, open-ended funds assess subscription and redemption fees based on holding duration as specified in each fund prospectus. Exchange-traded funds bypass redemption penalties; investors pay standard broker commissions according to each brokerage firm's fee schedule, alongside the exchange trading services fee of 0.018% for ETF certificates (compared to 0.027% for shares and closed-end fund units) according to [Decision 1541/QD-BTC](https://vbpl.ts24.com.vn/support/solutions/articles/16000226094-quy%E1%BA%BFt-%C4%91%E1%BB%8Bnh-1541-q%C4%91-btc-ng%C3%A0y-29-04-2025-m%E1%BB%A9c-gi%C3%A1-d%E1%BB%8Bch-v%E1%BB%A5-trong-l%C4%A9nh-v%E1%BB%B1c-ch%E1%BB%A9ng-kho%C3%A1n-%C3%A1p-d%E1%BB%A5ng-t%E1%BA%A1i-s%E1%BB%9F-giao). Upon selling ETF certificates on HOSE, sellers incur personal income tax of 0.1% assessed on gross transaction value according to [Decree 253/2026/ND-CP](https://vanban.chinhphu.vn/?docid=218684&pageid=27160). ## Illustrative valuation and transaction calculation The following calculation serves as an illustrative comparison according to our estimates to demonstrate valuation mechanics and transaction costs when allocating VND 171,100,000 on October 23, 2026, between purchasing ETF units on HOSE and subscribing to an open-end fund: Option 1: Illustrative purchase of DCVFMVN30 ETF (E1VFVN30) on HOSE. According to an illustrative trading scenario on October 23, 2026, the indicative net asset value (iNAV) for E1VFVN30 is observed at 34,190.00 VND, while the best available ask quote on the exchange order book matches at 34,220.00 VND. An investor purchases 5,000 certificates at 34,220.00 VND. Step 1: Calculate the illustrative transaction premium relative to intraday iNAV: $$\text{Premium rate} = \frac{34,220.00 - 34,190.00}{34,190.00} \times 100\% = +0.088\%$$ Step 2: Calculate total execution cost on HOSE according to illustrative trade steps: - Matched order value: 5,000 certificates multiplied by 34,220 VND equals VND 171,100,000 for the October 23, 2026, execution. - Brokerage commission (assuming 0.10%): VND 171,100,000 multiplied by 0.10% equals VND 171,100 on October 23, 2026. - Aggregate cash settlement: VND 171,100,000 plus VND 171,100 equals VND 171,271,100 on October 23, 2026. - Effective cost basis per unit: VND 171,271,100 divided by 5,000 units equals 34,254.22 VND on October 23, 2026. At market close on October 23, 2026, confirmed official NAV per certificate stood at 34,186.81 VND according to the [Dragon Capital price board](https://dautu.dragoncapital.com.vn/bang-gia-chung-chi-quy). The illustrative matched purchase price of 34,220.00 VND on October 23, 2026, diverged by 33.19 VND from closing net worth. Option 2: Illustrative allocation to open-ended fund DCDS. According to illustrative mutual fund subscription steps, an investor transfers VND 171,100,000 prior to the trading cut-off deadline on October 23, 2026: - Gross subscription amount: VND 171,100,000 on October 23, 2026. - Illustrative subscription fee of 0.50%: VND 171,100,000 multiplied by 0.50% equals VND 855,500 on October 23, 2026. - Net principal invested: VND 171,100,000 minus VND 855,500 equals VND 170,244,500 on October 23, 2026. - Confirmed closing NAV per unit for DCDS on October 23, 2026: 94,486.43 VND according to the [Dragon Capital price board](https://dautu.dragoncapital.com.vn/bang-gia-chung-chi-quy). - Units credited: VND 170,244,500 divided by 94,486.43 VND yields 1,801.79 certificates on October 23, 2026. This illustrative comparison shows that ETFs provide immediate order execution at transparent prices during market sessions subject to brokerage and exchange fees, whereas open-ended funds execute once daily at confirmed post-close net asset value. ## Sources - Vietnam Securities Depository and Clearing Corporation (VSDC): [E1VFVN30: Fund certificate adjustment after creation and redemption transaction 1694](https://vsdc.vn/vi/ad/201778) (26/10/2026) - Vietnam Securities Depository and Clearing Corporation (VSDC): [FUEVFVND: Fund certificate adjustment after creation and redemption transaction 1188](https://vsdc.vn/vi/ad/201744) (26/10/2026) - Government of Vietnam: [Circular 98/2020/TT-BTC guiding the operations and management of securities investment funds](https://vanban.chinhphu.vn/?docid=202359&pageid=27160) (16/11/2020) - Ministry of Finance: [Consolidated Document 44/VBHN-BTC consolidating Circular 120/2020/TT-BTC on securities trading](https://vanban.chinhphu.vn/?docid=215776&pageid=27160) (28/10/2025) - Ministry of Finance: [Decision 1541/QD-BTC promulgating securities service pricing schedules](https://vbpl.ts24.com.vn/support/solutions/articles/16000226094-quy%E1%BA%BFt-%C4%91%E1%BB%8Bnh-1541-q%C4%91-btc-ng%C3%A0y-29-04-2025-m%E1%BB%A9c-gi%C3%A1-d%E1%BB%8Bch-v%E1%BB%A5-trong-l%C4%A9nh-v%E1%BB%B1c-ch%E1%BB%A9ng-kho%C3%A1n-%C3%A1p-d%E1%BB%A5ng-t%E1%BA%A1i-s%E1%BB%9F-giao) (29/04/2025) - Government of Vietnam: [Decree 253/2026/ND-CP detailing the implementation of the Personal Income Tax Law](https://vanban.chinhphu.vn/?docid=218684&pageid=27160) (30/06/2026) - Dragon Capital VietFund Management: [Dragon Capital Fund Certificate Price Board Today (NAV 8 Funds)](https://dautu.dragoncapital.com.vn/bang-gia-chung-chi-quy) (26/10/2026) - Dragon Capital VietFund Management: [E1VFVN30 - DCVFMVN30 ETF: NAV, Fee Structure, and Portfolio Report](https://dautu.dragoncapital.com.vn/product/etf/e1vfvn30) (23/10/2026) - Dragon Capital VietFund Management: [FUEVFVND - DCVFMVN DIAMOND ETF: NAV, Fee Structure, and Portfolio Report](https://dautu.dragoncapital.com.vn/product/etf/fuevfvnd) (23/10/2026) --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._