Structured Fund, also known as "structured fund", refers to a fund variety with two levels (or multiple levels) of risk-return performance with a certain differentiated fund share by decomposing the fund income or net assets under a portfolio.

Its main feature is to divide the fund products into two or more types of shares and give different income distribution respectively. The sum of the products of the net value of each sub-fund of the graded fund and the share ratio is equal to the net value of the parent fund.

For example, the net value of the parent fund split into two types of shares = the net value of class A sub-base X A share%+the net value of class B sub-base X B share%. If the parent fund is not split, it is a general fund.

In 2007, the first active investment grading fund-SDIC UBS Ruifu Grading Fund (Old Ruifu Grading) went public. Because there was no stock index futures, margin financing and securities lending at that time, the warrants of leveraged investment instruments were required to stop issuing and gradually faded out of the securities market.

Because of scarcity, Lao Ruifu, who has been closed for five years with leverage, made a premium transaction at the initial stage of listing. However, the hierarchical structure of the old Ruifu classification is extremely complex, and it is difficult for ordinary investors to understand the calculation of its share net value.