Pure debt only invests in the bond market, not the stock market. Such as Guangfa Pure Debt A(270048). The first-class debt can invest in the first-class stock market and convertible bonds, and the maximum position does not exceed 20%, which means that new shares can be issued. However, the new regulations of the CSRC do not allow institutions to make new ones, so the first-class debt will become history in the future. Secondary bonds can invest in the secondary stock market, and the maximum position is no more than 20%, that is, they can buy and sell stocks directly. For example, E Fund Anxin Bond A( 1 10027).

Finally, there are three kinds of bond funds: fixed lever closed graded debt base, fixed lever open graded debt base and variable lever semi-open graded debt base.

Fixed lever closed graded debt base. The A:B share ratio of this kind of graded bond fund remains unchanged, and AB is listed and traded separately, and cannot be converted in pairs. Fixed lever open graded debt base. The A:B share ratio of this kind of graded bond funds remains unchanged, and AB is listed and traded separately, which can be converted in pairs. Variable lever semi-open graded debt base. The A share of this graded bond fund is not listed and traded, and it is regularly open for subscription and redemption, with a net value of 1. When B shares of graded bond funds are listed and traded, the proportion of A:B shares changes according to the purchase and redemption of A shares on the open day.