In order to completely copy the tracked stock index, ETF funds need to convert the net value of the fund into one thousandth of the tracked index point at a certain point after the fund is established, and the fund share will be adjusted accordingly.

The purpose of keeping the accumulated net value converted into the share before conversion according to the conversion ratio and disclosing the accumulated net value in the fund net value information is to unify the caliber, so that investors can compare it with other types of stock funds, and they can also intuitively see the profit and loss of the fund since its establishment from the accumulated net value. After all, the investors who subscribed when the ETF fund was issued also subscribed according to the net value of 1 yuan. This explains why the unit net value of many ETF funds is higher than the cumulative net value.

It's not easy to understand, but it won't have any impact on investment.

Other types of funds will not have this situation.