The "transaction price" of the fund is not equal to the "net value of the fund". For graded funds, after the priority share and enterprising share of graded funds are listed and traded, the transaction price of fund shares may deviate from the net value of fund shares due to the influence of market supply and demand, resulting in a discount premium. If investors are based on the expectation of market improvement, it is possible to buy aggressive stocks to obtain the income after the market rebound, so that the trading price of aggressive stocks will rise, and then a premium will be generated; Or conversely, from Dallas to the audience, although the design of the share matching conversion mechanism of the open-ended graded fund reduces the overall discount premium of the graded fund to a low level, there may still be a large discount premium for the single-level share.