On-site ETF funds cannot be new. The market value of the A-share subscription quota can be calculated as the market value of A-shares with unlimited sale conditions, including the market value of credit account stocks, suspended stocks and suspended stocks, excluding the market value of B-shares, fund management and bonds. The new market value is calculated separately in Shanghai and Shenzhen stock markets, and the new shares in that market need the market value of that market.

The ETF fund itself will play new shares. If investors buy ETF funds on the market and can use it to purchase new shares, it will involve double counting of stock market value.