Investors can freely switch between the parent fund and the sub-fund, such as splitting the parent fund into sub-funds; Or merge the A-level and B-level sub-funds with the same share into the share of the parent fund.
Similar to a normal fund, the parent fund can purchase and redeem, but the sub-fund can't (otherwise the A-level and B-level shares may not be equal). However, sub-funds can be listed and traded, and have their own unit net value and market price. Investors can directly buy and sell sub-fund shares in the market, but they cannot directly purchase and redeem them.
Because of this model, investors can buy sub-funds directly from the market, or they can buy parent funds, sell the other half after splitting, and keep the half they want; Similarly, when the sub-fund shares need to be sold, in addition to selling directly in the secondary market, another level can be bought in the market and merged into the parent fund shares for redemption.