Hierarchical fund refers to a structured securities investment fund that divides the share of the parent fund into sub-shares with different expected risks and returns by agreeing on the risk and income distribution of the fund in advance, and can be listed in part or in whole.

Among them, the basic share of graded funds is called parent fund share, the sub-share with lower expected risk return is called class A share, and the sub-share with higher expected risk return is called class B share.

Classified funds can be divided into closed-end classified funds and open-end classified funds according to their operation modes.

According to different investment objects, graded funds can be divided into stock graded funds, bond graded funds and QDll graded funds.

According to the investment style, graded funds can be divided into active investment graded funds and passive investment graded funds.

Classified funds can be divided into two types according to the way of raising: combined raising and individual raising.