The discount of Guotai Pharmaceutical Fund 1602 19 means that the increase of the parent fund will drive the net value of B share to rise, thus reducing the leverage, so B is of little significance. Therefore, leverage should be adjusted by discount, so that the net value of all shares will be reduced to 1, and the reduced part will be distributed to investors.

Guotai pharmaceutical index grading fund: 1, the first pharmaceutical industry grading fund and the second industry grading fund, which have certain first-Mover advantages; 2. The underlying index has the characteristics of high risk, high return and high volatility, which is suitable as the target of leveraged funds and provides active and numerous investment varieties for high-risk investors; 3. The higher agreed rate of return, calculated at the current market interest rate of 7%, will inevitably lead to a steady share premium and a radical share discount, thus improving the actual leverage level in disguise; 4. It broke through the discount threshold, so the 2 yuan of the previous similar funds was reduced to 1.5 yuan, which lowered the discount threshold and provided an important exit channel for the enterprising share; 5. The subscription rate is relatively large, and the capital advantage is obvious. The fixed cost of 1 10,000 is 1000, which reduces the arbitrage cost of institutions and improves the arbitrage success rate.