This is normal. The reason why this happens is because the stocks with heavy positions in the fund conform to the rising trend of the stock market. Take the first 1634 12 as an example. Most of its heavyweight stocks are GEM stocks. In the past year, the GEM index achieved an annual increase of 10 1%, and the annual return rate of the fund was 7 1%, which did not outperform the index, but it was still above average.