equity registration date: when distributing dividends, fund managers need to set a date on which registered holders can participate in dividends, which is the equity registration date. Ex-dividend date is the total amount of dividends deducted from the fund assets on a predetermined day. On the ex-dividend date, the net value of fund shares is ex-dividend according to the dividend ratio < P >. Generally speaking, the fund share holders registered on the equity registration date enjoy the current dividend rights of the fund. If the equity registration date and ex-dividend date are the same day, the dividend amount will be deducted from the net share of the net value of that day. Fund dividends do not increase value out of thin air. Before dividends, investors purchase funds with higher net share value, but they can enjoy the rights and interests of dividends, while after dividends, the net share value of funds is lower.