Without dividends, the fund's share will not increase. If the fund has dividends and investors choose cash dividends, then the fund share will not increase; Only when investors choose to reinvest in dividends will the fund share increase.

This is the same as investors buying stocks. After buying a stock, the number of shares will not change unless the stock is given away. Even in the case of dividend reinvestment, the market value of investors will not actually change.