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Lesson 11

Investment Funds & ETFs

A fund pools investors’ money under a stated mandate and issues units representing their interests in that pool. To understand its return and exit process, inspect the holdings, fees, valuation date and the fund’s own sale or redemption terms.
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Sahmino editorial· 15 July· 2 min read· Stocks

A fund pools investors’ money under a stated mandate and issues units representing their interests in that pool. To understand its return and exit process, inspect the holdings, fees, valuation date and the fund’s own sale or redemption terms. Fixed-income, equity, mixed and gold funds differ by what they hold, not merely their names. Net asset value per unit is assets less liabilities divided by outstanding units. An exchange-traded fund also has a market price; that can differ from NAV. Fund diversification depends on underlying holdings, and redemption arrangements follow the fund’s own prospectus rather than a universal rule.

Worked example (hypothetical)

Assets of 220 million rial minus liabilities of 20 million leave 200 million. With 100,000 units, NAV is 2,000 rial per unit. A market price of 2,100 implies a 5% premium.

Check your understanding

Can two funds with different names hold the same shares? Yes. Read their largest holdings before treating them as independent exposures.

Sources, reviewed 5 October 2026

Tehran Stock ExchangeSahmino AcademyInvestment Funds & ETFs

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