The annualized rate of return refers to the rate of return obtained by investing for one year.

Annualized rate of return = (return on investment/principal)/(investment days /365)× 100%

Annualized income = principal × annualized rate of return

Actual income = principal × annualized rate of return × investment days /365

2. The market is the stock market, which is what we call the secondary market. Off-exchange market is understood as the stock exchange market, that is, the agency sales of banks and securities companies, and the direct sales of fund companies, that is, the familiar open-end fund sales channels. Closed-end funds and ETF funds can only be bought in the market (for large investors, ETFs can be bought in the "primary" market), that is, they can only be bought in the stock market. Other open-end funds can be purchased off-site, which is a well-known way, in which LOF funds can be purchased on-site.

3. Graded funds, also known as "structured funds", refer to fund types that show 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 types of shares and give different income distribution respectively. Judging from the classified funds that have been established and are being issued at present, they are usually divided into two types of shares: low-risk income side (priority share) sub-funds and high-risk income side (aggressive share) sub-funds.