Graded funds, in simple terms, are divided into priority shares and ordinary shares for closed-end fund products. Priority is equivalent to bonds. As long as the fund makes money, it must give priority to the priority part, and the rest can be allocated to the ordinary level after meeting the priority.
Ordinary level is equivalent to leveraged fund, and there is a ratio of income distribution between ordinary level and priority, which is leverage multiple. When the overall net value of the account rises, the average net value doubles, and when the overall net value of the account falls, the average net value doubles. Lever has amplification effect.
For the typical cases of classified funds, we can look at Ruifu Classified Fund and Changsheng Tongqing Fund, look at their classification schemes in the prospectus, and understand the principle and income distribution of leveraged funds.
The leverage principle of hedge funds is similar, but there are many models of leverage.
The landlord can search Baidu Encyclopedia's explanation of "leveraged fund", which is about the leverage principle of hedge funds.
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