1. Structured Fund, also known as "structured fund", refers to a fund variety that obtains 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.

2. The main feature of graded funds is to divide the fund products into two or more shares and give different income distribution. 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. For example, the net value of the parent fund split into two types of shares = the net value of class A sub-base X A share%+the net value of class B sub-base X B share%. If the parent fund is not split, it is a general fund.

3. The graded fund was born in 2007. According to regulatory requirements, fund companies must complete the rectification of graded funds by the end of 2020. That is, graded funds will officially withdraw from the historical stage at the end of 2020, or transform or liquidate.