Core Viewpoint - Yongying Fund announced the transformation of its Yongying Shenzhen Innovation 100 ETF, changing its tracking index from "Shenzhen Innovation 100" to "Shenzhen 100" [1] Group 1: Fund Details - The Yongying Shenzhen Innovation 100 ETF was established in June 2021 with an initial scale of 387 million yuan [1] - As of the end of the first quarter this year, the fund's scale has dropped to less than 100 million yuan [1] - Since its inception, the fund has incurred a loss of approximately 26% [1] Group 2: Redemption Period - A redemption choice period was set from April 18 to May 6 for investors to make their decisions regarding the fund [1] - Historically, changes in the tracking index of ETFs are relatively rare [1]

Core Viewpoint - The article discusses the trend of mutual funds frequently changing their performance benchmarks and tracking indices, indicating a broader strategy by fund companies to enhance operational efficiency [2][6]. Group 1: Changes in Performance Benchmarks - It is common for funds to change their performance benchmarks, including traditional bond and mixed funds, as well as popular funds on the Beijing Stock Exchange [3]. - For instance, the Fuyong Fuxing Pure Bond Fund adjusted its benchmark from a composite index to a comprehensive price index, while the CITIC Construction Investment Fund changed its benchmark to include the North Exchange 50 Index [3][4]. Group 2: ETF Index Changes - The article highlights that ETF index changes are less common compared to other changes like benchmark or manager adjustments, but they are also aimed at improving investment efficiency [6][7]. - The Yongying Shenzhen Innovation 100 ETF changed its tracking index from "Shenzhen Innovation 100" to "Shenzhen 100," with the transition approved by a shareholder meeting [4][5]. Group 3: Purpose of Changes - The underlying purpose of changing benchmarks and indices is to enhance fund operation efficiency, which can be categorized into sales and fundraising, and investment performance [6]. - Fund products are likened to "children" of fund companies, where changes to components like benchmarks and managers are permissible as long as they do not harm the interests of investors [6]. Group 4: Market Reactions and Future Observations - The market is observing whether the new index for the Yongying ETF will lead to better performance, as the previous index had low trading volumes and performance issues [8][9]. - The new Shenzhen 100 index is expected to have a larger market capacity compared to the previous strategy index, potentially improving liquidity and trading activity [9][10].