Private placement generally refers to the private placement of securities, that is, only a few securities are sold, you can buy them on the list, but you can't buy them if they are not on the list. Corresponding to this is a public offering, or a public offering. There are no personnel restrictions, as long as you have money, you can buy it.

As for what futures are, this is definitely not far futures. The concept of futures is very complicated, which can't be explained clearly in a few words. Even if you read the textbook, you should at least read the introductory textbook of futures on page 100 in order to have a complete understanding of the concept of futures. Simply put, futures is a virtual contract, but many people can't understand this sentence.