【中文版】

分级基金是一种投资工具，它通过将基金分为不同级别，满足不同风险偏好投资者的需求。分级基金通常由基金管理公司发行，其出现时间并不统一，最早的分级基金出现于2007年。

分级基金的出现是为了满足市场上不同风险偏好的投资者需求。一些投资者希望获得稳定的收益，而另一些投资者则希望追求更高的投资回报。通过将基金分为不同级别，分级基金能够为投资者提供不同风险和收益的投资组合。

分级基金通常分为低风险、中风险和高风险级别。低风险级别的基金通常以债券为主要投资对象，收益相对稳定；中风险级别的基金通常以股票为主要投资对象，收益相对较高；高风险级别的基金则以高波动性的股票或衍生品为主要投资对象，收益和风险均较高。

分级基金的出现为投资者提供了更多的投资选择，同时也促进了基金市场的发展。然而，投资者在选择分级基金时需要谨慎评估自己的风险承受能力和投资目标，并选择合适的基金产品。

【英文版】

Split-share funds are an investment tool that meets the needs of investors with different risk preferences by dividing the fund into different levels. Split-share funds are typically issued by fund management companies, and their emergence time is not uniform. The earliest split-share funds appeared in 2007.

The emergence of split-share funds is to meet the needs of investors with different risk preferences in the market. Some investors hope to obtain stable returns, while others hope to pursue higher investment returns. By dividing the fund into different levels, split-share funds can provide investors with different combinations of risk and return.

Split-share funds are usually divided into low-risk, medium-risk, and high-risk levels. Low-risk level funds typically invest in bonds and have relatively stable returns; medium-risk level funds typically invest in stocks and have relatively high returns; high-risk level funds invest in high-volatility stocks or derivatives and have high returns and risks.

The emergence of split-share funds provides investors with more investment choices and promotes the development of the fund market. However, investors need to carefully evaluate their risk tolerance and investment goals when selecting split-share funds and choose appropriate fund products.