复权单位净值

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现金流ETF(159399)净值变低?别忘了它已经分红两次!
Mei Ri Jing Ji Xin Wen· 2025-04-21 02:20
Core Viewpoint - The recent dividend distribution of the cash flow ETF (159399) has led to investor confusion regarding the decrease in unit net value post-dividend, which does not indicate a reduction in overall fund returns [1][2]. Group 1: Dividend Mechanism - Fund dividends are distributions made to investors based on the fund's distributable profits, and the net asset value (NAV) is adjusted downwards to maintain total asset balance during the dividend payout [2][3]. - The analogy of a fruit-bearing tree is used to explain that dividends are akin to the fruits harvested, which, while reducing the tree's weight (NAV), provide tangible cash benefits to investors [2]. Group 2: Importance of Adjusted Net Value - The adjusted net value (also known as the ex-dividend net value) is crucial for accurately assessing fund performance, as it accounts for historical dividends and stock splits, providing a clearer picture of long-term asset appreciation [3][5]. - For the cash flow ETF (159399), as of April 17, the unit net value was 0.9812, while the adjusted net value was 0.9852, indicating a difference of 0.0040, which corresponds to the total dividends received [3][4]. Group 3: Fund Characteristics and Market Context - The cash flow ETF (159399) focuses on stocks with high free cash flow, excluding financial and real estate sectors, and aims to identify "cash cow" companies in the A-share market [5]. - Given the current uncertain market conditions, assets with abundant cash flow are seen as having stronger risk-averse capabilities, and government policies encouraging increased dividend distributions may enhance the attractiveness of such investments [5].