1, a completely copied index fund-this is an index fund in the full sense, that is, it completely copies and tracks the trend of the index. This index fund is only configured and adjusted according to the constituent stocks of the underlying index and their weights. Although it will deviate from the actual index trend because of the change of investment ratio, the gap is very small, so it can be said that the probability of exceeding the index is very small. Therefore, this kind of fund has the highest degree of conformity with the index.

2. Enhanced index fund-this is to actively invest a certain proportion of fund assets while tracking the underlying index, so as to obtain income beyond the underlying index. This kind of fund has great flexibility in investment. In addition to aiming at the index, we can also do some intensive investment, which increases the variables relative to the index, which may bring investors a return higher than the index rate of return, or may cause the actual rate of return to be worse than the index.

Conclusion: If the active investment is done well, the enhanced index fund will surpass the replicated index fund. But if active investment is not done well, the situation is just the opposite.