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.
