In fact, the fund has no pb, and the pb of the index fund is actually the pb of the index tracked by the index fund. Pb of the index is the ratio of market price to net assets, and it is one of the indicators to measure the valuation level of the index, which has certain reference significance.

PB: The average price/book value is equal to the stock price/book value. The higher the pb, the higher the valuation and, to some extent, the smaller the investment value. But investors should also comprehensively analyze other factors.