There is no GEM HT, only TH. TH Tianhong GEM Trading Index Fund is one of the GEM funds TH issued by Tianhong.

ETF funds such as GEM TH Fund are the same and have the characteristics of closed-end and open-end funds.

TH funds can not only freely buy and sell fund shares in the secondary market, but can also apply to fund companies for the repurchase and redemption of fund shares. This is also the advantage of closed-end funds and open-end funds.

GEM Index Valuation Based on the valuation of the GEM Index within 10 years, GEM stocks experienced two major troughs in early 2012 and early 2018.

The lowest valuation at the beginning of 2018 was around 28.5, which was also the lowest in the history of GEM stocks.

In early 2013 and mid-2014, the GEM Index rose sharply twice in ten years.

In 2014, the largest increase reached 135 times.

This is also consistent with the historical market trend of the GEM, so the valuation of the GEM index has considerable guiding significance.