On the last trading day after the discount of Grade B was confirmed, many blind investors were still buying Grade B.. Are you aware of this risk?

here, I'd like to sort out the discount process, investment points and risk factors of Grade B, so that you can invest in Grade B "without being cheated".

1. What details should I pay attention to when investing in Grade B near the discount?

The transaction price of graded funds will always meet the following requirements: "A price × share proportion +B price × share proportion =(1+ overall discount rate) × parent fund net value", which means that investment grading B needs to pay attention to three points: (1) parent fund net value performance; (2) the overall premium rate; (3) Whether Grade A has excess income; Because of the stock indexes tracked by the parent fund of the index grading fund, such as Internet index, Growth Enterprise Market index, State-owned enterprise reform index, etc., its net value will fall with the market decline and rise with the market rise. This is a very reasonable and normal thing. When the net value of the parent fund and Class B shares drops sharply, the graded fund will trigger the discount mechanism. At this time, the "principal" with at least 75% of Class A shares will be converted into the parent fund, and investors with Grade A can realize it according to the net value of the parent fund. For Grade A with a relatively low agreed rate of return, the discount rate of Class A shares is as high as 2% or more, so the discount process of graded funds provides Grade A with more than 15% excess income. This means that in addition to the decline in the net value of the parent fund, Grade B must also bear this part of the loss. In addition, the overall premium rate of grading funds before many products are discounted is too high. For example, the overall premium rate before high-speed rail grading, restructuring grading and Internet grading is as high as 1% or more. After the discount, due to the reduction of the leverage ratio of Grade B, the graded funds tend to trade at a discount as a whole, so the investors of Grade B need to bear the loss of a sharp drop in the overall premium rate. Generally speaking, in the vicinity of the discount, investment grade B should be "three evasions": (1) avoiding grade B with high overall premium rate; (2) Grade A with high discount rate and Grade B with high premium rate; (3) to avoid the short-term downside risks of the parent fund. Remind you, you must remember the above three principles! !

II. Discount process and risk points of graded funds

Before the discount, investors who buy graded B can get the leverage income corresponding to their risk income, that is, the underlying index will rise sharply, and graded B will also rise sharply; The underlying index has fallen sharply, and the grade B will also fall sharply. However, the T-day grading fund has been discounted, so whether the index of the T+1-day grading target has risen sharply or not, it has been definitely converted. After the discount of graded funds, the overall premium rate of graded funds will fall back to around %, and even there will be a small overall discount (because the leverage ratio of graded B drops sharply after the discount of graded funds, graded funds tend to trade at an overall discount). Therefore, after the T-day grading fund determines the discount, if the overall premium rate of T+1 grading is too high, the level treasurer advises investors not to touch this grading B.

third, why is the share in the account reduced so much after the discount?

In the graded fund, the standard constant discount process of net asset value is adopted:

"Net asset value of graded B before discount × share held by investors = Net asset value of graded B after discount (1 yuan) × share held by investors after discount". If the net asset value of graded B before discount is .2 yuan and investors hold 1, graded B, then the net asset value is 2, yuan. After the discount, the net value of Grade B instantly increased to 1 yuan, and the share was reduced to 2,. Only in this way can the net asset value remain unchanged before and after the discount.

fourth, if the grading B market continues to fall and cannot be sold at all, how can we minimize the losses caused by the discount?

if the stock continues to fall in the market, investors will definitely not be able to sell it, and they will have to bear the losses passively. However, Grade B is very different from stocks. Investors can not only sell Grade B directly in the secondary market, but also buy Grade A and merge it into a parent fund to redeem it. If Grade B falls continuously, it is difficult for investors to sell Grade B directly in the secondary market to avoid risks. At this time, investors can buy Grade A with an equal share, merge it into the parent fund, and then withdraw according to the redemption of the parent fund (for details of the operation method of merger and redemption, please refer to "What should I do if Grade B falls?" "Merger and redemption" helps you ").

V. What should be paid attention to in the investment of Grade B

Investment Grade B should be "four-watched": see if the target index has a chance; Second, look at the leverage ratio; Third, see if the overall premium rate is overestimated; Fourth, see if it is close to the next fold. Graded fund is a very good leverage index tool to avoid unsystematic risks. The first condition of investment grade B is to judge whether the underlying index of grade B has investment opportunities. Only on the basis of determining that the underlying index has investment opportunities can we start to select the appropriate grade B and draw up the investment strategy of grade B. The higher the leverage ratio and risk of Grade B, the stronger the aggressiveness. Under the condition that the overall discount rate of the parent fund remains unchanged and the price of Class A shares is stable, the reasonable price fluctuation of Grade B is: the net price fluctuation of the parent fund * price leverage. Of course, if investors judge the wrong direction, the higher the leverage ratio, the greater the loss of Grade B.. The overall premium rate of graded funds is too high, which often means that the premium rate of graded B is overdrawn and there is a risk of falling back. If the overall premium rate of the graded fund is too high and investors are optimistic about the investment direction of the underlying index, the best investment strategy is to purchase the graded parent fund, split it into graded A and graded B, and sell graded A to keep graded B, which is much cheaper than buying graded B directly in the secondary market. When Grade B is close to the discount, investors need to pay attention to the risks that may be brought by the discount, especially to avoid Grade B with high overall premium rate.