Take a graded fund product X(X is called parent fund) as an example, which is divided into A share (agreed income share) and B share (leveraged share). Share A agrees on a certain rate of return, and the remaining assets of fund X after deducting the principal and accrued income of share A are all classified as share B, and the losses are borne by the holders of share B within the limit of the net asset value of share B. ..
When the overall net value of the parent fund falls, the net value of share B falls first; Accordingly, when the overall net value of the parent fund rises, the net value of the B share will appreciate faster after providing the A share income. Share B usually gains certain leverage by participating in the distribution of residual income or taking losses to a greater extent, which has a more complicated internal capital structure and its nonlinear income characteristics make it imply options.
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