Fund innovation means that before issuing new shares, the issued new shares are used as positions to play new funds. New funds can be purchased offline. Buying a new fund is similar to buying an ordinary fund, which requires some subscription fees, management fees, redemption fees and other expenses.

Are index funds allocated to new shares?

No, if you distribute new shares to investors of index funds, it is tantamount to double counting, which is why index funds can make new ones. The new income of index funds belongs to investors. The share of new shares is only non-restricted A shares, and nothing else is counted.