Hierarchical fund structure is generally divided into parent fund and A and B sub-funds. The share structure consists of the parent fund, A and B shares or A and B shares. Among them, the share of the parent fund is purchased and redeemed on or off the market according to the net value, and is generally not listed. Sub-funds are divided into over-the-counter redemption type and listed transaction type, in which the over-the-counter redemption type is generally open for subscription and redemption according to the agreed operation cycle, while the listed transaction type can only be bought and sold in the secondary market through securities accounts at real-time transaction prices, and cannot be purchased and redeemed by net value alone.
Net value of parent fund = net value of A share * net value of A share%+net value of B share * net value of B share%, and net value of B share is the residual net value after net value of parent fund minus net value of A share.
That is, the net value of B shares = (net value of parent fund-net value of A shares * proportion of A shares)/proportion of B shares. Due to the leverage characteristics of B share, when the net value of the parent fund increases, the net value of B share increases higher than that of the parent fund; When the net value of the parent fund falls, the net value of B shares falls more than that of the parent fund.