Simply put, investors can be roughly divided into two categories: one is to pursue high returns and be willing to take high risks, which is called secondary investors; Another investor who pursues low risk and is willing to accept lower rate of return is called priority investor. When the same product contains both sub-investors and priority investors, it is called a structured product. The principle is as follows: by setting leverage, the priority share and the secondary share are raised in a certain proportion, and the principal and income of priority investors are guaranteed by the secondary share funds. Specific to the product design structure, the expected rate of return of priority investors is mainly guaranteed from the following two aspects: (1) In the distribution mechanism, the principal and income of priority investors are guaranteed by the principal of secondary investors. When the product is distributed at maturity, all the property of the product is first used to distribute the principal and income of the priority investor, and the remaining property is distributed to the secondary investor; (2) In terms of risk control, structured products generally have liquidation lines. When the product touches the liquidation line, take liquidation stop-loss measures. There is enough safety space between the position of the liquidation line set in structured products and the principal and expected income of priority investors, so even if the product touches the liquidation line and encounters liquidation, it will not affect the principal and income of priority investors. This product design meets the investment and financial needs of investors with different risk preferences and is widely welcomed by the market. Such products can be based on stock market, futures market and more derivatives. The principle of product design is to strike a balance between risk and benefit. Generally speaking, there are two main factors that affect the risk: one is the ratio of priority share to secondary share, that is, the ratio of capital leverage. Since the secondary investment share is used to protect the principal and income of priority investors, the higher the capital leverage ratio, the greater the risk, which not only increases the risk for priority investors, but also doubles the risk for secondary investors. At the same time, because of leverage, the income doubles; The other is the basis of product design. The risk of leveraged products based on stock market design is less than that of products based on futures market design. In addition to these two main factors, other factors also affect the risk of investment to varying degrees, such as the fluctuation range of investment targets, the activity of transactions, the ability of secondary investors, the cost of procedures, the setting of liquidation line, and whether risk monitoring is programmed. In the process of product design, balancing many risk factors is both science and art. To be a successful secondary investor, the most important thing is not to have certain funds, but to have rich market experience, superb operating skills and strict risk management. Only in this way can we survive and grow in the cruel capital market. For priority investors, although there is a secondary investment share as the guarantee of principal and income, it does not mean that the investment is risk-free. On the contrary, the most important thing for a successful priority investor is to understand the risks of the product, including the risks of the product itself and the risks of the trustee. Avoiding risks and pursuing steady returns are the eternal themes of priority investors.