1 For example, if a is 1.0 1 and b is 1.09, the net value of the parent fund is 1.05. If the market transaction A is 0.8 1, then the market transaction price of B should be about 20%. If this is not the case, if B is 1. 19, investors can buy 1 A 1 B, and the total investment is 2 yuan, which is converted into two parent funds, and 1.05 redeems two, with a return of 0. 1. If smart investors do this, then buy A and B in large quantities, the market price will be raised, and the overall discount rate will disappear, that is, "keep near 0"

2. If the graded fund is perpetual, that is, it has always existed, investors can think that investing in A can invest in a perpetual bond. If the face value is 5% (converted to 5% in years), investors will demand higher returns, because the principal will not expire, so A trades at a discount. If the discount is 20%, new investors buy 1 share at 0.8, with an annual income of 0.05 and an annual yield of 0.05.