Investment funds, also known as mutual funds or mutual funds, are institutions that raise funds through public offering of fund shares and then invest in securities. Investment funds are managed by fund managers and fund custodians, and conduct securities investment activities in the form of portfolio to serve the interests of fund share holders.

Investment funds can be operated by closed-end funds or open-end funds:

1. Closed-end investment fund refers to a fund whose total fund share is fixed according to the approved fund contract period, and the fund share can be traded on a legally established stock exchange, but the fund share holder may not apply for redemption.

2. Open-end investment funds refer to funds whose total fund shares are not fixed and can be purchased or redeemed at the time and place agreed in the fund contract.