2. It is different for investors: fixed and open personal pension security management products are wealth management products developed for the elderly; This fund is a fund product developed for all investors. If it is a private equity fund, it is a fund product issued for specific investors.

3. Different issuers: fixed and open personal pension security management products are issued by financial institutions, such as banks, securities companies, insurance companies and trust institutions; Funds are issued by fund companies.

4. Different investment periods: fixed and open personal pension security management products have a fixed opening period, during which they can be purchased and redeemed at will; Funds are divided into open-end funds and closed-end funds. Open-end funds have no closed period, and investors can purchase and redeem them at any time. Closed-end funds have a fixed closed period, during which no transactions can be made.