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分级基金是通过对基金收益分配的安排,将基金份额分成预期收益与风险不同的两类份额,并将其中一类份额或两类份额上市进行交易的结构化证券投资基金。自从2007年第一只分级基金国投瑞银瑞福面世到201 1年12月31日,分级基金份额净值已经达到638亿元。在去年整个基金行业的规模快速缩水的情况下,分级基金的规模增长了将近50%。而在最近,分级基金市场高高低低的变化也引起了众多投资者的关注。
Hierarchical funds are structured securities investment funds that divide the fund shares into two types of shares with different expected returns and risks by arranging the return distribution of the funds, and trade one type of shares or two types of shares for trading. Since 2007, the first graded fund UBS SDIC Ruifu available to December 31, 2011, the net classification fund share has reached 63.8 billion yuan. With the rapid decline in the size of the fund industry as a whole last year, the size of graded funds has grown by nearly 50%. In recent years, the high and low changes in the classification of the fund market has also attracted the attention of many investors.