The new fund is not a new share. After the new fund is raised with a face value of 1 yuan, it is a basket of cash, and its later performance depends more on the fluctuation of the stock market. After the fund is raised, it enters the opening period and gradually buys stocks. If the stock market continues to rise in the process of opening positions, the new fund will increase its pursuit of high-quality stocks, which will also increase the cost of opening positions, while other old funds will benefit from the rise in stock prices because of the opening of new funds. Because these old funds basically hold blue chips, and their positions are high, if the stock market rises, the net value of the old funds will rise faster, and the new funds will only contribute to the income of the old funds, especially the investment ideas of the funds under the same fund company are relatively close. After the establishment of the new fund, Jiancang contributes more to the old fund under the same company, so the performance of the old fund will exceed that of the new fund when the stock market rises sharply, and investors can rationally choose the fund company with strong comprehensive management ability to set up the old fund with better historical performance; If the stock market falls in the process of opening positions, the new fund will also be driven by the stock market decline and cause asset losses, which is completely different from the new shares. When the stock is listed, the ipo price will basically exceed the issue price and obtain a safe excess return. However, the new fund is a product of buying and selling stocks and other assets. It will also be affected by the fluctuation of the stock market, and the net value will also fall when the stock market falls. After the open subscription and redemption operation, the net value of the fund may be lower than the face value, which makes investors lose money. Therefore, investors should be cautious when investing in funds during the stock market decline, and they may not necessarily make money as long as they buy new funds; If the stock market is adjusted in the process of opening positions, the new fund is superior to the old fund already in Takakura, and it can selectively buy low-cost stocks to obtain the later rising income. At this stage, the advantages of the new fund are more prominent. The above analysis shows that investing in new foundations has losses, but it is not completely risk-free. Investors should choose funds to invest according to different market environment, and it is not that they can make money by buying new funds.