Fund operations are the same, except that the same fund operates in two markets. Although it can be traded across the market, it can also be converted between on-site and off-site, but because of the two-day cross-transfer time, arbitrage is quite difficult.

Prices are different because the on-site price is the change of supply and demand, and the off-site price is the weighted average price of stocks.

So there is a premium and a discount.

Parity is small.