1, reflecting different relationships. Bonds reflect the relationship between creditor's rights and debts, while securities investment funds reflect the trust relationship.

2. Different operational inputs. Bond is a financing tool, and the funds raised are mainly invested in industry, which is a direct investment method. Securities investment fund is a kind of trust tool, and its raised funds are mainly invested in securities, which is an indirect investment method.

3. Risks and benefits are different. The income of bonds is generally determined in advance, and its investment risk is small. The investment risk of securities investment funds is higher than that of bonds, and the income is also higher than that of bonds. The risk and return of securities investment funds are higher than bonds, but less than stocks.