There is no essential difference between a fund and a trust. One is an extension of the other, and there are many trusts. The closed-end industrial fund upstairs is just one of them. There are also many kinds of trusts. They invest in different channels, one of which is very different from the others, but this is wrong.

Trust is a kind of property management system, and its core content is "entrusted to manage money on behalf of others". Specifically, it refers to the act that the principal entrusts his property rights to the trustee based on his trust in the trustee, and the trustee manages or disposes in his own name according to the wishes of the principal, for the benefit of the beneficiary or for a specific purpose. There are three parties in the trust relationship, namely the principal, the trustee and the beneficiary. Among them, the trustee manages and disposes of the property in his own name. Among them, the meaning of property right includes: 1, the actual right to use the property; 2. The right to benefit from property income; 3. Power to implement property management; 4. Right to dispose of property.