Before the issuing of open-ended funds

After the release of the open-ended funds

Full sample A

Sub-sample A 1

Sub-sample A 2

Full- sample B

Sub-sample B 1

Sub-sample B 2

1.27E−05

1.90E−05

3.70E−06

3.49E−06

7.28E−06

0.000286

0.190394

0.11883

0.11273

0.063274

0.075573

0.005894

0.782912

0.790761

0.850928

0.925648

0.902347

0.641315

0.973306

0.909591

0.963658

0.988922

0.97792

0.647209