Umbrella trust is the product of drawing lessons from umbrella fund. Umbrella trust means that the same trust product contains two or more different types of sub-trusts, and investors can freely choose one or more of them for portfolio investment according to their investment preferences to meet different investment needs. Sub-trusts under umbrella trust mainly have the following types and situations: first, the funds of each sub-trust are used in the same way for the same enterprise, but the trust period is different from the expected rate of return; Second, the funds of each sub-trust are used by different enterprises, and the trust period of each enterprise is different from the expected rate of return; Third, each sub-trust uses funds in different ways, with the same object and term. Umbrella fund refers not to a single fund type, but to a structure, that is, under a fund name, there are several independent funds in which umbrella fund investors can directly convert. Umbrella fund enables investors to allocate different proportions of stocks and bonds according to their risk tolerance, and make convenient conversion to diversify investment risks.

Graded funds, also known as "structured funds", refer to the types of funds 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 or more types of shares and give different income distribution respectively. The sum of the products of the net value of each sub-fund of the graded fund and the share ratio is equal to the net value of the parent fund.