Over-the-counter subscription, subscription and redemption can be handled through the business place where the fund manager's direct selling agency or consignment agency handles the fund sales business, or through other means provided by the fund manager's direct selling agency or consignment agency.
After the two types of shares of graded funds are listed, investors can trade through securities companies. The standard of whether the permanent Class A share is worth buying is the implied rate of return.
The standard of Class A with term is expected rate of return; The criteria for whether Class B is worth buying are the volatility of the index tracked by the parent fund, the size of price leverage and the size of trading volume (liquidity).
Overall discount premium arbitrage
Because the net value of the parent fund = the net value of the class A sub-fund, the proportion of the class A sub-fund+the proportion of the class B sub-fund, and the proportion of the class B sub-fund.
AB merger cost = transaction price of Class A sub-fund, ratio of Class A sub-fund+transaction price of Class B sub-fund, and ratio of Class B sub-fund.
When there is a price difference between the net value of the parent fund and the AB merger cost after deducting the redemption fee, the split arbitrage of the parent fund or the redemption arbitrage of the merged sub-fund can be carried out.
Extended data:
Graded fund conversion is to make the sub-fund share get dividends in the form of the parent fund that can be redeemed at net value, so as to ensure that the transaction price can reflect the value of net value. If the sub-fund shares of a graded fund at a certain stage are not converted to get dividends from the parent fund.
Any distribution of their net worth is a "nominal" figure, which is virtually impossible to achieve. For example, when the net income of Shenwan is less than or equal to1yuan, the component index of Shenwan Shenzhen Stock Exchange will not be converted. At this time, the net income of Shenwan and the enterprising net value of Shenwan are meaningless.
Conversion is divided into expiration conversion, periodic conversion and irregular conversion. Most of the Class B shares do not participate in regular conversion, and only the Class B shares regularly converted by Double Jubilee 100, Harvest, Southern Consumption and Tongqing 800 are also converted into parent fund shares with net worth exceeding 1 yuan.
Since most of the Class A net value exceeds 75% at the time of discount, it is converted into a parent fund, which can be redeemed according to the net value. Therefore, the discount rate of Class A, which was originally discounted, decreased (the price rose) when it approached the discount, and the premium rate of Class B decreased; The premium rate of Class A of the original premium transaction decreases (the price falls) when it approaches the discount, and the discount rate of Class B decreases.
The prerequisite for downward irregular conversion arbitrage is:
1) Because the agreed rate of return of Class A sub-funds is lower than that of market bonds, the transaction price of those Class A sub-funds with higher agreed rate of return and premium trading will fall at the discount;
2) When the net value of Class B sub-fund falls to a certain value, the irregular conversion clause is triggered;
3) The decline of the parent fund from the downward conversion point should be less than 10%, and the index tracked by the parent fund will fall more than 10% in the market environment. When the conditions are met, you can choose to buy Class A sub-funds or buy parent funds on the spot for splitting.
Sell the Class B sub-fund and keep the Class A sub-fund. Waiting for the decline in the net value of Class B sub-funds to trigger irregular conversion and get the conversion bonus. If the market rebounds, there may also be the risk of unsuccessful arbitrage.
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