The reason why the education ETF bears is that this fund was born at an untimely time, and the biggest decline was the education ETF. The fund was established just when the market thought that the country's liberalization of the three-child policy was good for education stocks, but then, the country immediately introduced the double-drop policy, which dealt a great blow to the private education and training industry. This fund is equivalent to opening a high position. Therefore, it has become the fund with the biggest decline this year. In less than a year, the decline rate has exceeded half, which is the standard treatment.