分级基金何时下折

中文版

分级基金下折是基金运作中的一种重要机制，它通常发生在市场极端波动时，以保护投资者的利益。具体来说，当分级基金的杠杆份额净值跌至一个预设的阈值以下时，基金管理人会触发下折操作，将杠杆份额的净值回归到1元，并相应地调整基础份额的净值。

那么，分级基金何时下折呢？这主要取决于基金合同中规定的下折阈值。一般来说，下折阈值设置在0.2元至0.4元之间，具体数值由基金管理人在产品设计时确定。当市场出现大幅下跌，导致分级基金的杠杆份额净值跌破这一阈值时，基金管理人会启动下折机制。

下折机制的作用在于控制杠杆风险，避免投资者在极端市场情况下遭受过大损失。同时，它也有助于维护分级基金的稳定运作，保护投资者的长期利益。

需要注意的是，分级基金下折并不意味着投资者一定会亏损。在下折发生时，投资者持有的基础份额的净值会相应增加，以弥补杠杆份额的损失。因此，投资者应当充分了解分级基金的风险和运作机制，理性对待下折现象，做出合理的投资决策。

英文版

When Do Leveraged Funds Undergo Downward Conversion?

The downward conversion of leveraged funds is an essential mechanism in fund operations, typically triggered during extreme market fluctuations to protect investors' interests. Specifically, when the net asset value (NAV) of the leveraged share of a leveraged fund falls below a preset threshold, the fund manager initiates a downward conversion, resetting the NAV of the leveraged share to 1 yuan and adjusting the NAV of the underlying share accordingly.

The timing of the downward conversion primarily depends on the threshold specified in the fund contract. Generally, the threshold is set between 0.2 yuan and 0.4 yuan, with the exact value determined by the fund manager during product design. When the market experiences a significant decline, causing the NAV of the leveraged share to drop below this threshold, the fund manager activates the downward conversion mechanism.

The purpose of this mechanism is to control leverage risk and prevent investors from suffering excessive losses in extreme market conditions. It also helps maintain the stable operation of leveraged funds, safeguarding investors' long-term interests.

It's important to note that the downward conversion of leveraged funds does not necessarily mean investors will incur losses. Upon the occurrence of downward conversion, the NAV of the underlying share held by investors will increase accordingly, compensating for the losses in the leveraged share. Therefore, investors should fully understand the risks and operational mechanisms of leveraged funds, treat downward conversion rationally, and make informed investment decisions.