舉個栗子，常見的(de)一種(zhong)(zhong)類型：一個傘(san)形(xing)信(xin)托計(ji)劃，其(qi)中(zhong)包含優先(xian)(xian)級(ji)(ji)和(he)劣(lie)后(hou)(hou)(hou)級(ji)(ji)兩(liang)種(zhong)(zhong)份額，兩(liang)種(zhong)(zhong)份額比例(li)為(wei)(wei)5：1，信(xin)托計(ji)劃資金(jin)投向(xiang)二級(ji)(ji)市場。優先(xian)(xian)級(ji)(ji)享(xiang)受(shou)固定收(shou)(shou)(shou)(shou)(shou)益，假設(she)10%/年，剩余收(shou)(shou)(shou)(shou)(shou)益歸(gui)劣(lie)后(hou)(hou)(hou)級(ji)(ji)。簡單計(ji)算一下，假設(she)一年后(hou)(hou)(hou)信(xin)托計(ji)劃實(shi)現了20%的(de)收(shou)(shou)(shou)(shou)(shou)益，那么(me)優先(xian)(xian)級(ji)(ji)收(shou)(shou)(shou)(shou)(shou)益為(wei)(wei)10%，劣(lie)后(hou)(hou)(hou)級(ji)(ji)收(shou)(shou)(shou)(shou)(shou)益為(wei)(wei)20%×（5+1）－10%×5=70%；假設(she)一年后(hou)(hou)(hou)信(xin)托計(ji)劃的(de)收(shou)(shou)(shou)(shou)(shou)益為(wei)(wei)0%，那么(me)優先(xian)(xian)級(ji)(ji)收(shou)(shou)(shou)(shou)(shou)益仍為(wei)(wei)10%，劣(lie)后(hou)(hou)(hou)級(ji)(ji)的(de)收(shou)(shou)(shou)(shou)(shou)益為(wei)(wei)0%×（5+1）-10%×5=-50%。由此我們可以發現，當總(zong)收(shou)(shou)(shou)(shou)(shou)益在0%-20%變化(hua)時，劣(lie)后(hou)(hou)(hou)級(ji)(ji)的(de)收(shou)(shou)(shou)(shou)(shou)益從-50%變化(hua)到了70%，變化(hua)幅度急(ji)劇增(zeng)大，風險(xian)增(zeng)加。

當(dang)傘形信托持有(you)的(de)股票(piao)(piao)行(xing)(xing)情稍微下降一點，劣后級收(shou)益會下降很多，信托公司為了(le)保證(zheng)優先(xian)級的(de)固定收(shou)益，會進行(xing)(xing)強行(xing)(xing)平(ping)倉賣出股票(piao)(piao)，加劇(ju)行(xing)(xing)情下降。為了(le)保證(zheng)市場平(ping)穩運行(xing)(xing)，所以證(zheng)監會要禁(jin)止傘形信托。

最后，把百科里的定義粘(zhan)貼(tie)給你：傘形信托指同一個信托產品之中(zhong)包含(han)兩種或兩種以上(shang)不(bu)同類(lei)別的子(zi)信托，投(tou)資者可根(gen)據(ju)投(tou)資偏好自由(you)選擇(ze)其(qi)中(zhong)一種或幾種進行組合(he)投(tou)資，滿(man)足不(bu)同的投(tou)資需(xu)要。

傘形信(xin)托是指由證券(quan)公司(si)、信(xin)托公司(si)、銀行等金融機構共同合作，結(jie)合各自優勢，為(wei)證券(quan)二級市場(chang)的投資(zi)者提供投、融資(zi)服務(wu)的結(jie)構化證券(quan)投資(zi)產(chan)品。具(ju)體來說，就是用(yong)銀行理(li)財資(zi)金借道(dao)信(xin)托產(chan)品，通過配資(zi)、融資(zi)等方式，增加杠桿后投資(zi)于股市。

傘形(xing)(xing)(xing)(xing)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)是(shi)借鑒(jian)傘形(xing)(xing)(xing)(xing)基金(jin)的(de)(de)(de)(de)產物。傘形(xing)(xing)(xing)(xing)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)指同(tong)(tong)(tong)(tong)一(yi)個信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)產品之中包(bao)含兩種(zhong)(zhong)(zhong)或(huo)兩種(zhong)(zhong)(zhong)以(yi)上(shang)(shang)不(bu)(bu)(bu)(bu)同(tong)(tong)(tong)(tong)類別的(de)(de)(de)(de)子(zi)(zi)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)，投(tou)(tou)(tou)資(zi)者可(ke)根據(ju)投(tou)(tou)(tou)資(zi)偏好自由選(xuan)擇其(qi)(qi)(qi)中一(yi)種(zhong)(zhong)(zhong)或(huo)幾種(zhong)(zhong)(zhong)進(jin)行組合投(tou)(tou)(tou)資(zi)，滿足(zu)不(bu)(bu)(bu)(bu)同(tong)(tong)(tong)(tong)的(de)(de)(de)(de)投(tou)(tou)(tou)資(zi)需(xu)要。根據(ju)具(ju)體(ti)情況，傘形(xing)(xing)(xing)(xing)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)下(xia)(xia)的(de)(de)(de)(de)子(zi)(zi)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)主要有下(xia)(xia)列類型和情況：其(qi)(qi)(qi)一(yi)，各(ge)(ge)個子(zi)(zi)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)的(de)(de)(de)(de)資(zi)金(jin)運(yun)用(yong)(yong)于同(tong)(tong)(tong)(tong)一(yi)個企(qi)(qi)業，運(yun)用(yong)(yong)方(fang)(fang)式(shi)相(xiang)(xiang)同(tong)(tong)(tong)(tong)，但信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)期限(xian)與預計(ji)(ji)收(shou)益(yi)率不(bu)(bu)(bu)(bu)同(tong)(tong)(tong)(tong)；其(qi)(qi)(qi)二，各(ge)(ge)個子(zi)(zi)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)的(de)(de)(de)(de)資(zi)金(jin)運(yun)... 傘形(xing)(xing)(xing)(xing)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)是(shi)借鑒(jian)傘形(xing)(xing)(xing)(xing)基金(jin)的(de)(de)(de)(de)產物。傘形(xing)(xing)(xing)(xing)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)指同(tong)(tong)(tong)(tong)一(yi)個信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)產品之中包(bao)含兩種(zhong)(zhong)(zhong)或(huo)兩種(zhong)(zhong)(zhong)以(yi)上(shang)(shang)不(bu)(bu)(bu)(bu)同(tong)(tong)(tong)(tong)類別的(de)(de)(de)(de)子(zi)(zi)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)，投(tou)(tou)(tou)資(zi)者可(ke)根據(ju)投(tou)(tou)(tou)資(zi)偏好自由選(xuan)擇其(qi)(qi)(qi)中一(yi)種(zhong)(zhong)(zhong)或(huo)幾種(zhong)(zhong)(zhong)進(jin)行組合投(tou)(tou)(tou)資(zi)，滿足(zu)不(bu)(bu)(bu)(bu)同(tong)(tong)(tong)(tong)的(de)(de)(de)(de)投(tou)(tou)(tou)資(zi)需(xu)要。根據(ju)具(ju)體(ti)情況，傘形(xing)(xing)(xing)(xing)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)下(xia)(xia)的(de)(de)(de)(de)子(zi)(zi)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)主要有下(xia)(xia)列類型和情況：其(qi)(qi)(qi)一(yi)，各(ge)(ge)個子(zi)(zi)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)的(de)(de)(de)(de)資(zi)金(jin)運(yun)用(yong)(yong)于同(tong)(tong)(tong)(tong)一(yi)個企(qi)(qi)業，運(yun)用(yong)(yong)方(fang)(fang)式(shi)相(xiang)(xiang)同(tong)(tong)(tong)(tong)，但信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)期限(xian)與預計(ji)(ji)收(shou)益(yi)率不(bu)(bu)(bu)(bu)同(tong)(tong)(tong)(tong)；其(qi)(qi)(qi)二，各(ge)(ge)個子(zi)(zi)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)的(de)(de)(de)(de)資(zi)金(jin)運(yun)用(yong)(yong)于不(bu)(bu)(bu)(bu)同(tong)(tong)(tong)(tong)的(de)(de)(de)(de)多個企(qi)(qi)業，每(mei)個企(qi)(qi)業的(de)(de)(de)(de)資(zi)金(jin)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)期限(xian)與預計(ji)(ji)收(shou)益(yi)率不(bu)(bu)(bu)(bu)同(tong)(tong)(tong)(tong)；其(qi)(qi)(qi)三，每(mei)個子(zi)(zi)信(xin)(xin)托(tuo)(tuo)(tuo)(tuo)(tuo)(tuo)的(de)(de)(de)(de)資(zi)金(jin)運(yun)用(yong)(yong)方(fang)(fang)式(shi)不(bu)(bu)(bu)(bu)同(tong)(tong)(tong)(tong)，運(yun)用(yong)(yong)對象、期限(xian)可(ke)以(yi)相(xiang)(xiang)同(tong)(tong)(tong)(tong)，也可(ke)以(yi)不(bu)(bu)(bu)(bu)同(tong)(tong)(tong)(tong)。