1 and in 2020, affected by the COVID-19 epidemic, the global liquidity was loose, while the China epidemic was ahead of the world, so a large amount of foreign capital flowed in. However, after 202 1, the regulatory authorities intended to tighten liquidity, so the stock market decline fund also fell;

Since 2.20 19, the fund has embraced high-quality white horse stocks, pushing the stock price to be overvalued, and the overvalued bubble is bigger. If the valuation needs to be repaired, the fund will fall when the stock price falls.

3.202 1 In this year, the initial fund scale was as high as more than 700 billion yuan, and when many new funds entered the market, the stock market was already falling, so there would be sedan chairs for institutions, so the net value of new funds was often lower than 1 yuan.

4. If the fund falls, someone will redeem it. When the redemption funds are too large, fund managers will sell their stocks and cash out, forming a vicious circle.

Extended data:

The investment market is uncertain, and no one can be sure whether it will rise or fall tomorrow, but we can judge the next trend of the fund according to the general trend: the possibility of the fund falling next is still very high. 19/20 In the past two years, the income of sectors such as medicine, new energy, science and technology, liquor and so on reached 120% to 150%, and the double growth led to overvaluation, and the market is still at present. Secondly, the panic caused by the US debt, the market needs time to digest short-term concerns, leading to the recent situation will be turbulent.