Sub-fund merger cost of graded funds = net value of Class A sub-fund, proportion of Class XA sub-fund+net value of Class B sub-fund, proportion of Class XB sub-fund,

When the merger cost is lower than the net value of the parent fund, it can be merged into the parent fund by buying the sub-fund to redeem the parent fund for arbitrage;

When the merger cost is higher than the net value of the parent fund, it can be split into sub-funds by buying the parent fund and selling arbitrage.

Take the graded funds of 20 12, 10 and 12 as examples.