The subscription and redemption of open-ended graded fund shares include off-site and on-site ways. Separately raised graded funds are purchased and redeemed by sub-codes, but the parent fund code cannot be purchased and redeemed. At present, the graded funds issued by domestic mergers and acquisitions can only be purchased and redeemed through the parent fund code, and the sub-fund shares can only be listed and traded, and cannot be purchased and redeemed separately. The basic share of on-site subscription can be divided into sub-shares, which are listed and traded in proportion.