Securities is a big concept, which is the general name of economic rights and interests certificates. In a narrow sense, it can refer to securities products, equity market products such as stocks, debt market products such as bonds, and derivative market products such as stock futures, options and interest rate futures.

In a narrow sense, a fund refers to raising a certain amount of money, investing in a certain field to obtain income, and finally returning it to investors and fund managers in proportion.

You know about the stock market. You can enjoy the company's profits and dividends by holding shares. If you have a high shareholding ratio, you can also participate in the board of directors to exercise shareholder rights. Domestic stocks are generally speculative, buying low and selling high to earn the difference.

Futures is a financial derivative and the target of speculators' trading, but the trading system is special (compared with stocks), with the characteristics of margin trading (self-leverage), debt-free settlement on the same day, due delivery and so on. For enterprises and industrial chain customers, it has the functions of avoiding risks and hedging. Spot trading is the opposite of futures market, locking in costs or profits.

There is nothing to say about the spot, just the goods and commodities that can be traded. Unlike futures, futures is a contract to deliver goods in the future, which was originally developed from spot forward trading.