The graded fund has two sub-funds, A and B. A is the priority share and the agreed income, such as+3% for one year; B is the radical share, enjoying the residual income (and of course the risk). There is a certain ratio between A and B, such as 5:5 or 3:7, which is equivalent to fund investors borrowing money from A to invest in the market and giving fixed income at maturity, so there is leverage here. Because both A and B can be traded in the secondary market, there will be a premium (that is, the transaction price is higher than the net value of the fund). But there will also be an overall premium rate, which is equal to A premium rate *A-share ratio +B premium rate *B-share ratio. Therefore, if the leverage is high, the premium rate of B has a great influence on the overall premium rate. Of course, if discounted, it will also have a greater impact. Compared with the premium rate of the parent fund, the overall premium rate can be arbitrage, and that is another story ~