Yes, when the fund manager adjusts positions and exchanges stocks, the ETF holdings will change.

Generally, fund managers will announce the fund's holdings after the quarterly report, semi-annual report or annual report is released.

Fund positions are generally announced within 15 trading days after the end of the quarter. Fund positions are not real-time. The positions investors see are all at the end of the previous quarter. At the end of the quarter and the beginning of the quarter, their composition

The stocks do not change much, so at the beginning of the quarter, the fund trend can be analyzed based on the trend of the underlying stocks.