Let's make a rule first: if the intrinsic value of B is less than 0.25, we will recover all the funds of A and B and redistribute them. How?

1, 1000 A (value 1), 1000 B (value 0.25), with a total value of1000+250 =1250;

2. When the value of B is less than 0.25, we synthesize a new B (value1) every 4 B (value 0.25); Then, the original 1000 share of B investors has become 250, and of course the total value remains unchanged, or 250;

3. Because the ratio of A to B should be kept at 1: 1, the original 1000 A investors will keep 250 A investors; The remaining 750 A shares became the new parent fund shares; Assuming that the parent value is also 1, then the last investment of A will get 250 copies of A+750 copies of the parent value, of course, the final total value is still1000;

This is a discount. With the discount mechanism, the value of B will never be less than 0.25, and A will always get guaranteed interest income. It is equivalent to a risk-free high-interest bond, which is one of the logical foundations for buying securities A in a bear market!

Sounds like there are other benefits. According to the discount rules, there seems to be no other benefits.

Let's look at the discount rules again:

Four copies of B with a value of 0.25 are merged into a new B;

4 parts of Cheng 1 with a value of 1 and 3 parts of new parent (with a value of 1);

Attention! ! ! What is used here is value! ! ! Not the actual transaction price. In the real market, because A is usually discounted, that is to say, the transaction price of A with a specified value of 1 is often only 0.85.

Therefore, when there is a discount, the capital paid by the trader for 4 years is 0.85× 4 = 3.4; The income is 1 a (sellable 0.85)+ 3 hen (redeemable 3) = 3.85;

After the discount occurs, A gains (3.85-3.4)/ 3.4 = 13%! ! ! Plus 6% fixed income, if there is a discount once a year, A's income is close to 20%! ! !

How to quickly calculate the income of A-level compromise

Assuming that the grade B reaches or falls below 0.25 yuan, it will be folded down. At this time, the net value of Grade A is 1.05, and the transaction price is 0.9 yuan. Other interest rates in the market are the same as the issue date, but far from being discounted. Grade A sells for 0.85 yuan. Then buy it in 0.9 yuan at the current price. If there is a discount afterwards, the calculation method of A-level income:

1.05 Yuan original A-level net worth -0.25 Yuan original B-level net worth =0.8 yuan.

Of the original grade A's 1.05 yuan, 0.8 yuan converted 0.8 new mother bases with a net value of 1, which can be redeemed according to the net value, and the redemption fee is mostly around 0.3% to 0.5%, or it can be split into A and B and then sold. The handling fee is not considered here.

After the original Grade A was transferred out of 0.8 yuan, there was still 0.25 yuan left, which became a new Grade A with a net value of 1.

Well, it's time to witness the results:

Grade a original 100 copies, with market value of 90 yuan (transaction price of 0.9 yuan/copy). After discounting, it becomes the matrix of 80 yuan, and the value of 25 new grades A is 2 1.25 yuan (the price of other grades A with the same interest rate is 0.85 yuan, that is, 25 * 0.85 = 2 1.25).

* * * Profit:

(80+21.25)—90 =11.25 yuan.

Profit ratio:

1 1.25/90= 12.5%

Finally, the best learning material about the discount is the prospectus of the selected fund, so you must read it patiently.