Structured fund, also known as graded fund, refers to a fund variety with two-level (or multi-level) 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 product of the net value and proportion of each sub-fund of the graded fund is equal to the net value of the parent fund. For example, the net share value of the parent fund split into two types of shares = the net share value of the A type sub-base of XA share%+the net share value of the B type sub-base of %+XB share%. If the parent fund is not split, it is a general fund. Classification modes mainly include financing classification mode and long-short classification mode. Bond-type graded funds are classified as financing. In the investment strategy portfolio of graded funds, the strategic position of the parent fund is not inferior to that of A and B shares.

Structured classification hopes to invest in longer-term capital that can generate higher returns. In this way, we can get higher investment income for investors. Graded funds should be simple in structure, clear in objectives (such as index investment), and ensure moderate liquidity and leverage. From this point of view, graded products are more suitable for passive investment, completely copying the index, and investors only need to grasp the market trend.