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. The sum of the product of the net value and proportion of each sub-fund of the graded fund is equal to the net value of the parent fund. Simply put, it is to give priority to paying fixed interest after being inferior. If there is a loss, we will lose the inferior funds first. If the income we get is higher than the priority interest, we should return the amount of the specific income after paying the priority interest to the inferior. Give priority to not taking risks and enjoying fixed income. Take risks after feeling inferior, and the income may be higher.