The secondary market price is determined by the strength of buyers and sellers, and the primary market price is determined by the net value of the fund, so it is not necessarily the same.

If the price difference between the primary and secondary markets is too large, arbitrage can be carried out. Specifically, if the price of the secondary market is lower than that of the primary market, it can be bought in the secondary market and redeemed in the primary market (also called discount arbitrage or redemption arbitrage); If the price of the secondary market is higher than that of the primary market, you can buy it in the primary market and sell it in the secondary market (also called premium arbitrage or subscription arbitrage).

But in arbitrage, we should pay attention to the following points:

1, both purchase and redemption have costs;

2. The primary market price is only calculated after the daily closing, so sometimes there seems to be arbitrage opportunities in the intraday trading, but there is no real purchase and redemption price;

3. There is often a time lag of 1-2 days from subscription to sale, and market fluctuation will also directly affect arbitrage gains.

I hope my answer is helpful to you.