The biggest difference between separable trading funds and stock funds or bond funds lies in the separable trading design of fund shares. There is only one share in general funds, and the shares of separable trading funds are automatically separated into two categories: A and B according to a certain proportion after listing. The risk-return characteristics of these two stocks are different. The risks and returns of Class A stocks are relatively low, similar to bonds; Class B shares have the effect of leveraged investment, with relatively high risks and returns, which are higher than those of ordinary equity funds. These two stocks are listed and traded on Shenzhen Stock Exchange with different trading codes. Theoretically, the intrinsic value of A and B shares is determined by the net fund value of the day and the future income agreed in the contract.

These two types of assets are not operated separately, but as stock funds, but the income and risks generated by fund operation should be distributed differently between A and B shares.

Separable trading funds are actually classified funds. From the classification of shares, they all have two different types of shares and have different risk-return characteristics.

The design of divisible transaction gives investors the choice of two shares, which is more conducive to investors' flexible choice and adjustment, and meets the investment and trading needs of investors with two different risk preferences, and the risk-return calculation of the two shares is simpler.

Therefore, separable trading funds generally maintain the risk-return characteristics of equity funds, and partially take into account the two goals of class A holders demanding guaranteed final returns and class B holders demanding leveraged returns.