Hierarchical fund is a structured securities investment fund that divides the fund shares into two types of funds (sub-funds) with different expected returns and risks through the arrangement of fund (parent fund) income distribution, and lists one or two types of shares for trading. Generally speaking, among the two types of shares divided by the fund's basic share, one is the part with low expected risk return and priority in income distribution, which is called "Class A share", and the other is the part with high expected risk return and secondary priority in income distribution, which is called "Class B share". Similar to other structured products, Class B shares generally "borrow" the funds of Class A shares to amplify the income, which has certain leverage characteristics. It is precisely because of the "borrowing" of funds that Class B shares generally pay "interest" on a certain benchmark of Class A shares. Conservative sub-funds have low risks and low returns. Aggressive sub-funds have high expected returns and high risks. After the establishment of the fund, the two types of shares will be merged into one. The distribution ratio of income is different and is chosen by investors. Class A is suitable for investors who prefer low risks, and Class B is suitable for investors who prefer high risks and high returns. If the situation is good and the operation is good, the conservative sub-fund should transfer benefits to the radical sub-fund; When the situation is not good and the operation is not good, the radical sub-fund should also ensure the basic income of the conservative sub-fund.

Take Changsheng Tongqing Separable Trading Fund as an example: After the issuance, Changsheng Tongqing divided the fund shares held by investors into Tongqing A and Tongqing B according to the ratio of 4: 6, and the two shares were listed and traded separately. In terms of income distribution, Tongqing A can get 5.6% of the distribution principal and fixed annual interest rate first, and Tongqing B can fully share the income (or loss) of the whole fund assets at the end of three years after ensuring the class A share principal and income.

Take Ruifu Innovation Grading Fund as an example: Ruifu Innovation Fund consists of "Ruifu Priority" and "Ruifu Enterprising". Ruifu priority is mainly for investors with low risk preference, and Ruifu enterprising is mainly for investors with high risk preference. In terms of income distribution, firstly, Ruifu gives priority to its benchmark income. If there is a surplus after meeting the benchmark income of Ruifu priority, the surplus will be given priority by Ruifu and advanced by Ruifu * * *, and the distribution ratio is 1: 9. This design not only ensures that Ruifu can get more guaranteed income first, but also provides the possibility of excess income for investors who are willing to take more risks. During the plunge, Ruifu took the initiative to fall badly, while Ruifu gave priority to stability. When it rises sharply, Ruifu's enterprising increase is large, and Ruifu's priority increase is small. The application of grading technology makes a fund divided into two fund products with different styles. Therefore, investing in Ruifu enterprises may double the income, but there are also double risks.

The so-called "leverage" of graded funds is difficult for ordinary investors to understand. There seems to be no need to spend too much energy on terminology, as long as you can understand its effect on income. Generally speaking, the meaning of "leverage" can be understood as that the B share can "borrow" the funds of the A share to amplify the income.

The so-called "leverage multiple" refers to the ratio of the return on shares with embedded leverage characteristics to the net return on fund shares. The ratio of the number of A-class and B-class stocks is the most important factor affecting the leverage ratio. The higher the ratio of shares, the higher the leverage ratio. The higher the A-share ratio, the less the B-share enjoys the fund's rising income or bears the falling loss, the greater the change of its net return rate and the higher the leverage ratio. At present, the graded funds in the market mainly allocate shares according to the ratio of 4: 6 or 1: 1. The leverage ratio of Class B shares with a ratio of 4: 6 can reach 1.67 and 1: 1, and the leverage ratio of Class B shares can reach 2.

For investment grading funds, we should pay attention to the following points:

The low-risk part (Class A) of graded funds generally has an agreed rate of return. For example, the agreed annual benchmark rate of return of stock-based Tongqing A is 5.6%.

At the end of the closing period, when the overall net value of Tongqing Fund is higher than 65,438+0.6 yuan, 65,438+00% of the part higher than 65,438+0.6 will be allocated to Tongqing A. When the overall net value of Tongqing falls below 0.4 yuan, Tongqing A begins to suffer a principal loss. Tongqing B enjoys all the income after the benchmark income distribution and 90% of the income above 1.6 yuan. When the overall net value of Xingye He Run is lower than or equal to 1.2 1 yuan, Herun A keeps the face value of 1 yuan, and Herun B gains the residual income or bears all the losses; When the overall net value of He Run Fund is higher than 1.2 1 yuan, the shares of Herun A and Herun B enjoy the same net share growth rate as the shares of He Run Fund; When the net share value of classified funds in He Run is not higher than that in 0.5 yuan, the liquidation will be ended ahead of schedule, and Class A will enjoy the principal. Ruihe 300: When the share net value of Ruihe 300 is less than 1, the net value of well-off society and foresight is equal to the net value of Ruihe. When the net growth rate is within 10%, the income is divided into 8: 2. When the net growth rate exceeds 65,438+00%, the well-off and foresight will be divided into 2: 8. Ruifu classification: the benchmark annual rate of return of Ruifu priority is 1 year bank time deposit rate +3%, and the rest of the income beyond the benchmark income distribution of Ruifu priority is distributed by Ruifu priority and Ruifu enterprising according to the ratio of 1:9. Yin Hua Shenzhen Stock Exchange 100: The benchmark annual rate of return for Yin Hua's steady progress share is 1 year bank time deposit rate (after tax) +3%. The rate of return is adjusted once a year, and the current annual fixed income will reach 5.25%. The agreed income of Class A share is 1 year fixed deposit rate +3.5%. Among the bond-type graded funds, Bo Shi Yuxiang A's agreed income is as high as 4.75%, Tian Hong Tian Li A's agreed income 1.3 times the one-year fixed deposit rate, and Guo Futianying A's agreed income 1.4 times the one-year fixed deposit rate.