The total assets of the fund are subtracted from the liabilities to get the net value, but I don't understand why the fund has liabilities. I saw an explanation. Liabilities refer to liabilities formed during the operation and financing of the fund, including expenses payable to others and interest payable to the fund.
The cumulative net value of the fund refers to the sum of the latest net value of the fund and the dividend performance since its establishment, reflecting the cumulative income since the establishment of the fund (minus the face value of one yuan as the actual income).