The investment objects of graded funds are different, and most of them invest in various index stocks. For example, 163 109 invested in Shenzhen Stock Exchange, 95% of which was copied to Shenzhen Stock Exchange, and the remaining 5% was in cash. When trading in the secondary market, it is divided into 150022 and150023; Among them, 150022 is similar to fixed income products, which is equivalent to lending money to150023 at a certain annual interest rate; 150023 is equivalent to borrowing money at a certain annual interest rate to buy relevant stocks of Shenzhen Stock Exchange. In the market, they are traded separately, with discount 150022 and premium 150023 most of the time.