ETF funds buy a basket of stocks during the raising period according to the composition of the daily benchmark index and the weight of constituent stocks. As the benchmark index of ETF changes during the raising period, the net value of ETF funds will be affected by the trading of the day every day, that is, the fund shares subscribed by investors on one day during the raising period are different from the net value of the fund shares subscribed by another investor on the same day a few days later.

Usually, after the end of the raising period, the fund company will issue an announcement to determine the conversion date of ETF fund shares, and calculate the net value of fund unit shares according to the net assets and fund shares on the conversion date and the ETF benchmark index points on that day.

The net value of fund share is converted into the corresponding ETF benchmark index point, and the fund share is adjusted accordingly, but the fund share × unit net value = fund net asset value is maintained.

Extended data:

Meaning connotation:

1. Implement the State Council's "Nine Opinions", promote product innovation in the securities market, and lay the foundation for launching new products including index futures in the future;

2. Improve the core competitiveness of China's securities market relative to overseas markets by expanding product categories;

3. Further enhance the liquidity of large-cap blue-chip stocks through the scale trading of ETFs;

Since the beginning of 2000, international indexed investment has become a market trend. In 2003, ETF has become the fastest growing financial product in history, and its number has increased from $6,543.8+8 billion for three funds in 0993 to $210 billion for 280 funds in 2003.

5. Meet the market demand of all investors, provide an opportunity for small and medium-sized investors to invest in the broader market with small funds, and provide a new arbitrage model for institutional investors.

Baidu Encyclopedia-Trading Open Index Fund