舉(ju)個栗子，常見的一(yi)種類型(xing)：一(yi)個傘形信托計劃(hua)，其中(zhong)包含優(you)先級(ji)(ji)(ji)和劣(lie)(lie)后(hou)級(ji)(ji)(ji)兩(liang)種份額，兩(liang)種份額比例為5：1，信托計劃(hua)資(zi)金投向二(er)級(ji)(ji)(ji)市場(chang)。優(you)先級(ji)(ji)(ji)享(xiang)受固定收(shou)益(yi)(yi)，假設10%/年，剩(sheng)余收(shou)益(yi)(yi)歸劣(lie)(lie)后(hou)級(ji)(ji)(ji)。簡單計算(suan)一(yi)下，假設一(yi)年后(hou)信托計劃(hua)實現(xian)(xian)了20%的收(shou)益(yi)(yi)，那么(me)優(you)先級(ji)(ji)(ji)收(shou)益(yi)(yi)為10%，劣(lie)(lie)后(hou)級(ji)(ji)(ji)收(shou)益(yi)(yi)為20%×（5+1）－10%×5=70%；假設一(yi)年后(hou)信托計劃(hua)的收(shou)益(yi)(yi)為0%，那么(me)優(you)先級(ji)(ji)(ji)收(shou)益(yi)(yi)仍為10%，劣(lie)(lie)后(hou)級(ji)(ji)(ji)的收(shou)益(yi)(yi)為0%×（5+1）-10%×5=-50%。由此我(wo)們可以發現(xian)(xian)，當總(zong)收(shou)益(yi)(yi)在0%-20%變(bian)化(hua)時(shi)，劣(lie)(lie)后(hou)級(ji)(ji)(ji)的收(shou)益(yi)(yi)從-50%變(bian)化(hua)到(dao)了70%，變(bian)化(hua)幅度急劇(ju)增大(da)，風(feng)險增加(jia)。

當傘(san)形(xing)信托(tuo)持有的股(gu)(gu)票(piao)行情稍微下降(jiang)一點(dian)，劣后級收(shou)益會(hui)下降(jiang)很多，信托(tuo)公司為了(le)保(bao)證優先(xian)級的固定收(shou)益，會(hui)進行強行平倉賣出股(gu)(gu)票(piao)，加劇行情下降(jiang)。為了(le)保(bao)證市場平穩運行，所以證監(jian)會(hui)要禁止傘(san)形(xing)信托(tuo)。

最后，把百科里(li)的定義粘貼給你：傘形(xing)信(xin)托(tuo)指同(tong)一個(ge)信(xin)托(tuo)產品(pin)之中包含兩種(zhong)或(huo)兩種(zhong)以上不同(tong)類別的子信(xin)托(tuo)，投資(zi)者可根據投資(zi)偏(pian)好自由(you)選擇其中一種(zhong)或(huo)幾種(zhong)進(jin)行組合投資(zi)，滿足不同(tong)的投資(zi)需要。

傘形(xing)信(xin)托(tuo)是指(zhi)由證(zheng)券公司、信(xin)托(tuo)公司、銀行等(deng)金融機構共同合作，結(jie)合各(ge)自(zi)優勢，為(wei)證(zheng)券二(er)級(ji)市(shi)場的投(tou)資(zi)者提供投(tou)、融資(zi)服務的結(jie)構化證(zheng)券投(tou)資(zi)產品。具(ju)體來說，就是用(yong)銀行理財資(zi)金借道信(xin)托(tuo)產品，通(tong)過配資(zi)、融資(zi)等(deng)方式，增加杠桿后投(tou)資(zi)于股(gu)市(shi)。

傘(san)(san)形信(xin)(xin)(xin)托(tuo)(tuo)(tuo)是借鑒傘(san)(san)形基金(jin)的(de)(de)(de)(de)(de)(de)(de)產物(wu)。傘(san)(san)形信(xin)(xin)(xin)托(tuo)(tuo)(tuo)指同(tong)(tong)(tong)(tong)(tong)(tong)一(yi)個(ge)信(xin)(xin)(xin)托(tuo)(tuo)(tuo)產品之(zhi)中(zhong)包(bao)含兩種(zhong)或兩種(zhong)以上(shang)不(bu)(bu)同(tong)(tong)(tong)(tong)(tong)(tong)類別的(de)(de)(de)(de)(de)(de)(de)子(zi)信(xin)(xin)(xin)托(tuo)(tuo)(tuo)，投(tou)資(zi)者(zhe)可根(gen)(gen)據投(tou)資(zi)偏好(hao)(hao)自由(you)選擇(ze)(ze)其中(zhong)一(yi)種(zhong)或幾種(zhong)進行組(zu)合投(tou)資(zi)，滿足不(bu)(bu)同(tong)(tong)(tong)(tong)(tong)(tong)的(de)(de)(de)(de)(de)(de)(de)投(tou)資(zi)需要。根(gen)(gen)據具體(ti)(ti)情(qing)況(kuang)，傘(san)(san)形信(xin)(xin)(xin)托(tuo)(tuo)(tuo)下(xia)的(de)(de)(de)(de)(de)(de)(de)子(zi)信(xin)(xin)(xin)托(tuo)(tuo)(tuo)主要有下(xia)列(lie)類型和情(qing)況(kuang)：其一(yi)，各(ge)個(ge)子(zi)信(xin)(xin)(xin)托(tuo)(tuo)(tuo)的(de)(de)(de)(de)(de)(de)(de)資(zi)金(jin)運(yun)(yun)用(yong)(yong)于(yu)同(tong)(tong)(tong)(tong)(tong)(tong)一(yi)個(ge)企(qi)(qi)業，運(yun)(yun)用(yong)(yong)方(fang)式(shi)(shi)相(xiang)同(tong)(tong)(tong)(tong)(tong)(tong)，但(dan)信(xin)(xin)(xin)托(tuo)(tuo)(tuo)期(qi)(qi)限(xian)與(yu)預(yu)(yu)計(ji)收益率不(bu)(bu)同(tong)(tong)(tong)(tong)(tong)(tong)；其二(er)，各(ge)個(ge)子(zi)信(xin)(xin)(xin)托(tuo)(tuo)(tuo)的(de)(de)(de)(de)(de)(de)(de)資(zi)金(jin)運(yun)(yun)... 傘(san)(san)形信(xin)(xin)(xin)托(tuo)(tuo)(tuo)是借鑒傘(san)(san)形基金(jin)的(de)(de)(de)(de)(de)(de)(de)產物(wu)。傘(san)(san)形信(xin)(xin)(xin)托(tuo)(tuo)(tuo)指同(tong)(tong)(tong)(tong)(tong)(tong)一(yi)個(ge)信(xin)(xin)(xin)托(tuo)(tuo)(tuo)產品之(zhi)中(zhong)包(bao)含兩種(zhong)或兩種(zhong)以上(shang)不(bu)(bu)同(tong)(tong)(tong)(tong)(tong)(tong)類別的(de)(de)(de)(de)(de)(de)(de)子(zi)信(xin)(xin)(xin)托(tuo)(tuo)(tuo)，投(tou)資(zi)者(zhe)可根(gen)(gen)據投(tou)資(zi)偏好(hao)(hao)自由(you)選擇(ze)(ze)其中(zhong)一(yi)種(zhong)或幾種(zhong)進行組(zu)合投(tou)資(zi)，滿足不(bu)(bu)同(tong)(tong)(tong)(tong)(tong)(tong)的(de)(de)(de)(de)(de)(de)(de)投(tou)資(zi)需要。根(gen)(gen)據具體(ti)(ti)情(qing)況(kuang)，傘(san)(san)形信(xin)(xin)(xin)托(tuo)(tuo)(tuo)下(xia)的(de)(de)(de)(de)(de)(de)(de)子(zi)信(xin)(xin)(xin)托(tuo)(tuo)(tuo)主要有下(xia)列(lie)類型和情(qing)況(kuang)：其一(yi)，各(ge)個(ge)子(zi)信(xin)(xin)(xin)托(tuo)(tuo)(tuo)的(de)(de)(de)(de)(de)(de)(de)資(zi)金(jin)運(yun)(yun)用(yong)(yong)于(yu)同(tong)(tong)(tong)(tong)(tong)(tong)一(yi)個(ge)企(qi)(qi)業，運(yun)(yun)用(yong)(yong)方(fang)式(shi)(shi)相(xiang)同(tong)(tong)(tong)(tong)(tong)(tong)，但(dan)信(xin)(xin)(xin)托(tuo)(tuo)(tuo)期(qi)(qi)限(xian)與(yu)預(yu)(yu)計(ji)收益率不(bu)(bu)同(tong)(tong)(tong)(tong)(tong)(tong)；其二(er)，各(ge)個(ge)子(zi)信(xin)(xin)(xin)托(tuo)(tuo)(tuo)的(de)(de)(de)(de)(de)(de)(de)資(zi)金(jin)運(yun)(yun)用(yong)(yong)于(yu)不(bu)(bu)同(tong)(tong)(tong)(tong)(tong)(tong)的(de)(de)(de)(de)(de)(de)(de)多個(ge)企(qi)(qi)業，每個(ge)企(qi)(qi)業的(de)(de)(de)(de)(de)(de)(de)資(zi)金(jin)信(xin)(xin)(xin)托(tuo)(tuo)(tuo)期(qi)(qi)限(xian)與(yu)預(yu)(yu)計(ji)收益率不(bu)(bu)同(tong)(tong)(tong)(tong)(tong)(tong)；其三，每個(ge)子(zi)信(xin)(xin)(xin)托(tuo)(tuo)(tuo)的(de)(de)(de)(de)(de)(de)(de)資(zi)金(jin)運(yun)(yun)用(yong)(yong)方(fang)式(shi)(shi)不(bu)(bu)同(tong)(tong)(tong)(tong)(tong)(tong)，運(yun)(yun)用(yong)(yong)對象、期(qi)(qi)限(xian)可以相(xiang)同(tong)(tong)(tong)(tong)(tong)(tong)，也可以不(bu)(bu)同(tong)(tong)(tong)(tong)(tong)(tong)。