The main difference between securities B and brokerage B lies in the different issuers. Securities B is issued by Shenwan Lingxin Fund, and brokerage B is issued by China Merchants Fund. Both of them belong to graded funds, and they are sub-funds in graded funds.

Graded funds are called structured funds and are divided into parent funds and sub-funds. The income of the parent fund is fixed, and the risk-return performance of the parent fund and the sub-fund is different in the fund share.