Bond grading product is a fund product that divides a bond fund into two different risk fund shares. Class A shares receive fixed agreed income, and Class B shares are the residual value of the net value of the parent fund after deducting the daily corresponding interest supporting the principal of Class A shares and fixed agreed income. Generally speaking, there are two modes of Class A stocks. One is that Class A shares are not traded on the market, and they are open for purchase or redemption once every six months, so that Class B shares exist in the form of pure leveraged funds; One is the listing of Class A shares, but they cannot be purchased or redeemed separately. The subscription or redemption of shares must be carried out through the parent fund, and the parent fund or class A and B shares can be split or merged in pairs.

Answer to supplementary questions: For Class A shares, it is characterized by low risks and basically stable returns, while for Class B shares, it is characterized by high risks and large fluctuations in returns. In addition, it should be added that for Class A shares of listed transactions, this form of Class A shares will be allocated fixed agreed income through regular conversion, and the related agreed fixed income will be allocated to the corresponding parent fund shares, and there are also irregular conversions. This irregular conversion means that when the net value of Class B shares is lower than a certain value, a part of Class A shares will be converted into parent funds, and the income structure will change. After this irregular conversion, the net value of the parent fund and class A and B shares will be adjusted to 1 yuan. This class B share is also converted periodically, but generally when the class A share is converted periodically, when the net value of the class B share is higher than 1 yuan, the so-called periodic conversion is this kind of fund. For unlisted Class A shares, regular conversion shall be conducted every six months. During the conversion process, the interest part of Class A shares will be converted into corresponding Class A shares. After the conversion, the value of Class A share will be adjusted to 65,438+0 yuan, and the related agreed income will be adjusted periodically after the periodic conversion, depending on the relevant current reference interest rate. When the net value of Class B share is lower than a certain value, there will be relevant conversion, which depends on the relevant agreement.

Finally, it is suggested that bond grading products belong to structural products, and it is best to download a fund prospectus and study the relevant terms in detail. Different funds have different related terms.