The redemption you mentioned (as opposed to subscription) is conducted in the primary market.

The secondary market is called trading, just like stock trading.

The subscription and redemption are directly based on the net value of the underlying fund on the day of the fund. He bid 10 yuan. Whether it is purchase (purchase) or redemption (sale), the transaction can be made with 10 yuan (excluding the handling fee). This usually happens in open-end funds, ETF funds and LOF funds.

Trading in the secondary market is based on the price determined by investors in the secondary market exchange, which is basically the same as buying and selling stocks, selling above and collecting below.

These two prices should be consistent in theory, but there will be appropriate fluctuations in actual transactions, but they will certainly follow the "price regression principle."

I'm just a little ignorant. I don't know if it is the answer you want.

Exclusive advice, for reference only ~