Shenwan income

Double happiness a

Yin Hua has made steady progress.

The current interest rates of the three funds are all 5.75%. Shenwan's income and Yin Hua's steady progress are the first trading day of each year. Put the interest of the previous year, that is, the part exceeding 1 yuan, into your account in the form of parent fund. The interest of these two funds this year is 5.75. If you want to change it into money, you can redeem the parent fund. The redemption fee is 0.5%, so the redemption fee is 100.

According to the new year's interest rate next year, the annual interest rate next year is 6.5%, and it will be the same in the future. The interest rate is the current 1 year bank deposit rate +3%.

Double Jubilee A is normalized every three years, and the latest normalization time of Double Jubilee A is 2065438+April 2003 16. The way of standardization is as follows:

1. If the net value of Double Jubilee B is less than 1 yuan, the difference between the net value of Double Jubilee A and the net value of Double Jubilee B will be allocated to Double Jubilee A in the case of parent.

2. If the net value of Double Jubilee B is greater than or equal to 1 yuan, the part of Double Jubilee A that exceeds 1 yuan shall be distributed to Double Jubilee A in the form of parent company.

The above is the regular discount. Because of the discount, it is equivalent to the cash dividend of the discount base (now only the parent base share is distributed, which can be realized after redemption, but it takes time and the net value may change during the period). This dividend can generate arbitrage, which is equivalent to 5.75* 1/( 1- discount rate) this year.

Regular conversion can protect the low-risk part of graded funds. In addition to the above conventional conversion, there is also pricing conversion protection. Price conversion includes upper critical price conversion and lower critical price conversion. The upper critical price conversion does not affect the low-risk part A, but increasing the leverage of part B, the lower critical price conversion can avoid the negative net value of part B due to the sharp drop, which will lead to the loss of the agreed annual income (even principal) of part A, but it will greatly reduce the leverage of part B (unfavorable to B).

For the Double Jubilee Graded Fund, it is stipulated that when the net value of Double Jubilee B is 0. 15 yuan, the lower critical price will be converted (for those who hold B, the net value is 1, and the share will be reduced).

For Yin Hua classified funds, it is stipulated that the critical price should be converted when the net value of Yin Hua Ruijin is 0.25 yuan.

For Shenwan grading fund, everyone must pay attention! ! ! Shenwan income has no critical price protection clause! ! ! It is stipulated that when Shenwan's enterprising net value reaches 0. 1 yuan, if the net value of the parent fund continues to decline and the enterprising leverage disappears, the loss of the net value of the parent fund will be borne in proportion to the net share value. ! ! Therefore, there is no guarantee that Shenwan's income will encounter extreme situations! ! ! ! ! !