The so-called graded fund, also known as "structured fund", refers to a fund variety that realizes two-level (or multi-level) risk-return performance through the decomposition of fund income or net assets under a portfolio and a certain differentiated fund share. Take the simplest "stock-debt" matching model fund as an example. It divides the fund products into AB shares, and the "A share" has low risk and low income, and enjoys the income distribution first. "Class B share" generally "borrows" the funds of Class A share to amplify the income, which has certain leverage characteristics and high income and risk. It is precisely because of "borrowing" funds that Class B shares will pay a certain benchmark "interest" for Class A shares (for example, Shenwan's income is one-year time deposit +3%).