The parent fund of graded index fund is equivalent to ordinary index fund, which can be purchased and redeemed, and can be split into two types of sub-shares for listing and trading without direct trading in the market; A. B shares are directly purchased and redeemed, but they are basically listed transactions (except for Ruifu priority). A. B shares are paired in proportion, usually 1: 1 (there are also 4:6). A shares get the agreed income every year, while B shares not only pay the agreed income of A shares (equivalent to financing costs), but also bear the remaining losses or enjoyment.

B There's nothing to lose by folding it up or down.

When B folds up or down, A not only has no loss, but also has arbitrage opportunities.

It also has no effect on the market value of the parent fund.

Please look at the example (discount, many grading funds B have discounts recently): Take the discount caused by grading B in Penghua Belt and Road on July 8 as an example.

Suppose: the parent fund's reference net value is 0.6 17 yuan, the reference net value of round A is 1.028 yuan, and the reference net value of round B is 0.206 yuan.

The closing prices of the day's buying price and selling price are: leading road A 0.869 yuan, leading road 0.43 yuan. Take 10000 copies as an example.

(1) Belt and Road Grading Parent Fund (referred to as pilot grading)

Before discounting: 10000 Belt and Road graded parent fund ×0.6 17 yuan =6 170 yuan.

After discount: 6 170 Belt and Road graded parent fund × net value 1 yuan =6 170 yuan.

The total amount before and after the discount is equal.

(2) lead the way

Net price before discount: 10000 copies ahead of A× 1.028 yuan = 10280 yuan.

Transaction price before discount: 10000 volumes of guide A×0.869 yuan =8690 yuan.

After discount: (2,060 lead books A× net value 1 yuan)+(8,220 lead books graded parent fund× net value 1 yuan) = 10280 yuan.

After conversion, the original holder of 654.38+00000 copies of Guide A can make a net profit of 654.38+0590 yuan a day.

(3) lead the way b

Net price before discount: 10000 volume guide B×0.206 yuan =2060 yuan.

Transaction price before discount: 10000 volumes of guide B×0.43 yuan =4300 yuan.

After discount: 2060 guides B× net value 1 yuan =2060 yuan.

After the discount, the customers who originally held 6,543,800 copies of Guide B suffered a direct loss of 2,240 yuan (just 654.38+0 days), and the loss ratio exceeded 50%.

Why can you discount arbitrage? It's simple. Graded funds have a dual-track price system. A +B is traded in the secondary market, and the parent fund can purchase and redeem it like an ordinary fund. The only thing you should pay attention to is to look at the data of the thought collection and find out the share ratio of A and B, which is generally 5:5, so A +B can be bought in equal amount, but if it is 6:4, it is similar to the ratio of 6000 +4000 B. If you buy it too early, you need to bear additional net fluctuation; If you buy it too late, you will meet call auction at the end of Shenzhen Stock Exchange, which will make it impossible to merge that day. Different brokers have different merging functions in trading software. You may wish to consult your account manager to find the corresponding functions. It should be noted that at present, most brokers' mobile phone trading terminals do not support merger, so discount arbitrage is best operated on PC.