Primary market. The fund is a primary market. Fund: buying fund shares from fund companies is not traded on the stock exchange, so it is not a secondary market. The difference between the primary market and the secondary market of funds: in the primary market, it undertakes the new securities issued by the government and companies, as well as the underwriting or distribution of stocks. Investment banks usually underwrite securities by underwriting, and the remaining issuers can get all the scheduled funds after the underwriting period ends; The secondary market is a capital market, which makes it possible to trade financial securities that have been publicly issued or privately issued.