舉個栗(li)子，常見(jian)的(de)一種(zhong)類型：一個傘形信(xin)托計劃(hua)(hua)，其中包(bao)含優先(xian)級(ji)(ji)(ji)和劣(lie)后(hou)(hou)(hou)(hou)(hou)級(ji)(ji)(ji)兩(liang)種(zhong)份額，兩(liang)種(zhong)份額比例(li)為5：1，信(xin)托計劃(hua)(hua)資金投向二級(ji)(ji)(ji)市場。優先(xian)級(ji)(ji)(ji)享(xiang)受固定收(shou)(shou)(shou)益(yi)，假設10%/年，剩(sheng)余收(shou)(shou)(shou)益(yi)歸(gui)劣(lie)后(hou)(hou)(hou)(hou)(hou)級(ji)(ji)(ji)。簡(jian)單計算一下，假設一年后(hou)(hou)(hou)(hou)(hou)信(xin)托計劃(hua)(hua)實(shi)現(xian)了20%的(de)收(shou)(shou)(shou)益(yi)，那(nei)么優先(xian)級(ji)(ji)(ji)收(shou)(shou)(shou)益(yi)為10%，劣(lie)后(hou)(hou)(hou)(hou)(hou)級(ji)(ji)(ji)收(shou)(shou)(shou)益(yi)為20%×（5+1）－10%×5=70%；假設一年后(hou)(hou)(hou)(hou)(hou)信(xin)托計劃(hua)(hua)的(de)收(shou)(shou)(shou)益(yi)為0%，那(nei)么優先(xian)級(ji)(ji)(ji)收(shou)(shou)(shou)益(yi)仍為10%，劣(lie)后(hou)(hou)(hou)(hou)(hou)級(ji)(ji)(ji)的(de)收(shou)(shou)(shou)益(yi)為0%×（5+1）-10%×5=-50%。由(you)此我們可以發現(xian)，當總收(shou)(shou)(shou)益(yi)在0%-20%變化(hua)(hua)時，劣(lie)后(hou)(hou)(hou)(hou)(hou)級(ji)(ji)(ji)的(de)收(shou)(shou)(shou)益(yi)從-50%變化(hua)(hua)到了70%，變化(hua)(hua)幅(fu)度急劇增(zeng)大，風險增(zeng)加。

當傘(san)(san)形信(xin)托持(chi)有的股票行(xing)情稍微下降一點，劣后級收益(yi)會(hui)下降很多，信(xin)托公司為了保(bao)證(zheng)優(you)先級的固定收益(yi)，會(hui)進行(xing)強行(xing)平倉(cang)賣出股票，加劇(ju)行(xing)情下降。為了保(bao)證(zheng)市場平穩(wen)運(yun)行(xing)，所以(yi)證(zheng)監會(hui)要禁止傘(san)(san)形信(xin)托。

最后，把百科里(li)的定(ding)義(yi)粘貼給你(ni)：傘形信托(tuo)指同(tong)(tong)一(yi)個信托(tuo)產品之中(zhong)包(bao)含兩種(zhong)或兩種(zhong)以上不同(tong)(tong)類別的子(zi)信托(tuo)，投(tou)資者可根據投(tou)資偏(pian)好自由選擇其(qi)中(zhong)一(yi)種(zhong)或幾(ji)種(zhong)進行組合投(tou)資，滿足不同(tong)(tong)的投(tou)資需要(yao)。

傘形信(xin)托是(shi)指由證(zheng)券公司、信(xin)托公司、銀行等金(jin)(jin)融機構共同合(he)作(zuo)，結(jie)合(he)各自優勢(shi)，為證(zheng)券二級市場(chang)的投資(zi)者提供投、融資(zi)服務的結(jie)構化證(zheng)券投資(zi)產品。具體(ti)來說，就是(shi)用銀行理(li)財資(zi)金(jin)(jin)借道信(xin)托產品，通過(guo)配(pei)資(zi)、融資(zi)等方式(shi)，增加杠桿后投資(zi)于股(gu)市。

傘(san)(san)(san)形(xing)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)是借鑒傘(san)(san)(san)形(xing)基(ji)金(jin)(jin)(jin)的(de)(de)(de)(de)產(chan)物。傘(san)(san)(san)形(xing)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)指(zhi)同(tong)(tong)(tong)(tong)一(yi)(yi)個(ge)(ge)(ge)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)產(chan)品之(zhi)中(zhong)(zhong)包含(han)兩(liang)種或(huo)(huo)兩(liang)種以上不(bu)同(tong)(tong)(tong)(tong)類(lei)別的(de)(de)(de)(de)子(zi)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)，投資(zi)(zi)(zi)者可根(gen)據投資(zi)(zi)(zi)偏(pian)好(hao)自(zi)由(you)選(xuan)擇(ze)其(qi)(qi)中(zhong)(zhong)一(yi)(yi)種或(huo)(huo)幾(ji)種進行(xing)組合投資(zi)(zi)(zi)，滿足不(bu)同(tong)(tong)(tong)(tong)的(de)(de)(de)(de)投資(zi)(zi)(zi)需要(yao)。根(gen)據具體情況(kuang)，傘(san)(san)(san)形(xing)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)下(xia)的(de)(de)(de)(de)子(zi)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)主(zhu)要(yao)有下(xia)列(lie)類(lei)型和(he)情況(kuang)：其(qi)(qi)一(yi)(yi)，各(ge)個(ge)(ge)(ge)子(zi)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)的(de)(de)(de)(de)資(zi)(zi)(zi)金(jin)(jin)(jin)運(yun)(yun)用(yong)(yong)(yong)于同(tong)(tong)(tong)(tong)一(yi)(yi)個(ge)(ge)(ge)企(qi)(qi)(qi)業(ye)(ye)，運(yun)(yun)用(yong)(yong)(yong)方式相同(tong)(tong)(tong)(tong)，但信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)期(qi)(qi)限(xian)與(yu)預計(ji)收(shou)(shou)益率不(bu)同(tong)(tong)(tong)(tong)；其(qi)(qi)二，各(ge)個(ge)(ge)(ge)子(zi)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)的(de)(de)(de)(de)資(zi)(zi)(zi)金(jin)(jin)(jin)運(yun)(yun)... 傘(san)(san)(san)形(xing)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)是借鑒傘(san)(san)(san)形(xing)基(ji)金(jin)(jin)(jin)的(de)(de)(de)(de)產(chan)物。傘(san)(san)(san)形(xing)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)指(zhi)同(tong)(tong)(tong)(tong)一(yi)(yi)個(ge)(ge)(ge)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)產(chan)品之(zhi)中(zhong)(zhong)包含(han)兩(liang)種或(huo)(huo)兩(liang)種以上不(bu)同(tong)(tong)(tong)(tong)類(lei)別的(de)(de)(de)(de)子(zi)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)，投資(zi)(zi)(zi)者可根(gen)據投資(zi)(zi)(zi)偏(pian)好(hao)自(zi)由(you)選(xuan)擇(ze)其(qi)(qi)中(zhong)(zhong)一(yi)(yi)種或(huo)(huo)幾(ji)種進行(xing)組合投資(zi)(zi)(zi)，滿足不(bu)同(tong)(tong)(tong)(tong)的(de)(de)(de)(de)投資(zi)(zi)(zi)需要(yao)。根(gen)據具體情況(kuang)，傘(san)(san)(san)形(xing)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)下(xia)的(de)(de)(de)(de)子(zi)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)主(zhu)要(yao)有下(xia)列(lie)類(lei)型和(he)情況(kuang)：其(qi)(qi)一(yi)(yi)，各(ge)個(ge)(ge)(ge)子(zi)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)的(de)(de)(de)(de)資(zi)(zi)(zi)金(jin)(jin)(jin)運(yun)(yun)用(yong)(yong)(yong)于同(tong)(tong)(tong)(tong)一(yi)(yi)個(ge)(ge)(ge)企(qi)(qi)(qi)業(ye)(ye)，運(yun)(yun)用(yong)(yong)(yong)方式相同(tong)(tong)(tong)(tong)，但信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)期(qi)(qi)限(xian)與(yu)預計(ji)收(shou)(shou)益率不(bu)同(tong)(tong)(tong)(tong)；其(qi)(qi)二，各(ge)個(ge)(ge)(ge)子(zi)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)的(de)(de)(de)(de)資(zi)(zi)(zi)金(jin)(jin)(jin)運(yun)(yun)用(yong)(yong)(yong)于不(bu)同(tong)(tong)(tong)(tong)的(de)(de)(de)(de)多(duo)個(ge)(ge)(ge)企(qi)(qi)(qi)業(ye)(ye)，每個(ge)(ge)(ge)企(qi)(qi)(qi)業(ye)(ye)的(de)(de)(de)(de)資(zi)(zi)(zi)金(jin)(jin)(jin)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)期(qi)(qi)限(xian)與(yu)預計(ji)收(shou)(shou)益率不(bu)同(tong)(tong)(tong)(tong)；其(qi)(qi)三，每個(ge)(ge)(ge)子(zi)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)的(de)(de)(de)(de)資(zi)(zi)(zi)金(jin)(jin)(jin)運(yun)(yun)用(yong)(yong)(yong)方式不(bu)同(tong)(tong)(tong)(tong)，運(yun)(yun)用(yong)(yong)(yong)對象、期(qi)(qi)限(xian)可以相同(tong)(tong)(tong)(tong)，也可以不(bu)同(tong)(tong)(tong)(tong)。