There are several types of open-end funds From different perspectives, we can divide open-end funds into different categories. According to whether they can be listed and traded on the stock exchange, open-end funds can be divided into listed open-end funds and contractual open-end funds. Listed open-end funds refer to securities investment funds whose fund units are listed and traded on the stock exchange. The two parties to the transaction of this type of fund are individual investors. Such as exchange-traded open-end index funds (ETF) and listed open-end funds (LOF). Contractual open-end funds refer to securities investment funds whose fund units cannot be listed and traded on the stock exchange. Although this type of fund cannot be listed and traded on the stock exchange, it can be traded through "subscription" and "redemption". The two parties to the transaction of this type of fund are investors and fund companies. According to different investment objects, open-end funds can be divided into stock funds, bond funds, hybrid funds, money market funds, futures funds, option funds, warrant funds, etc. Stock funds refer to investment funds that invest in stocks (the proportion of investment in stocks accounts for more than 60%); bond funds refer to investment funds that invest in bonds (the proportion of investment in bonds accounts for more than 80%); mixed funds refer to stocks and The bond investment ratio is between the above two types of funds and can be flexibly adjusted; money market funds refer to investment funds that invest in short-term market securities such as treasury bills, large bank negotiable certificates of deposit, commercial paper, corporate bonds, etc.: Futures funds refer to investment funds that mainly invest in various futures varieties; option funds refer to investment funds that invest in stock options that can distribute dividends; warrant funds refer to investments that use warrants as investment objects fund. In addition, according to different investment styles, we specifically divide stock funds into growth, value and hybrid funds. Growth stock funds refer to funds that mainly invest in growth stocks with fast expected annualized income growth and great future development potential; value stock funds refer to funds that mainly invest in stocks that are undervalued and relatively safe. Value stock funds are less risky than growth stock funds, and hybrid stock funds are somewhere in between. According to different investment objectives, open-end funds can be divided into growth funds, income funds and balanced funds. Growth funds refer to securities investment funds that invest in listed stocks or other securities with good growth potential with the basic goal of pursuing long-term appreciation and profitability of assets. Income funds refer to securities investment funds whose basic goal is to pursue high current income and whose main investment targets are securities that can bring stable income. Balanced funds refer to securities investments that have the basic goals of ensuring capital security, current expected annualized income distribution, long-term growth of capital and expected annualized income, etc., and thus pay more attention to long-term and short-term expected annualized income-risk matching in the investment portfolio. fund. According to different investment philosophies, open-end funds can be divided into active funds and passive (index) funds. Active funds are funds that strive to outperform a benchmark portfolio. Unlike active funds, passive funds do not actively seek to outperform the market, but instead attempt to replicate the performance of an index. Passive funds generally select a specific index as the tracking object, so they are often called index funds.