Necessary cash substitution means that due to suspension of trading, related stocks and other reasons, ETF component shares must be replaced by cash when purchasing and redeeming. \x0d\ means that the shares cannot be used at the time of purchase, and the shares will not be returned at the time of redemption, all of which are in cash. \x0d\ ETFs with "required", "allowed" and "forbidden" cash substitution, some securities and some cash. \x0d\ \x0d "refund" cash instead, investors can only apply for redemption in cash, and cannot use component securities, such as gold ETF. \ x0d \ \ x0d \ ETF applies for redemption, and there will be a second liquidation, with more cash refunded and less cash replenished.