1. Securities investment funds can be divided into Public Offering of Fund and private equity funds according to different fundraising methods. Public offering fund refers to a securities investment fund that raises funds from public investors by public offering and invests in securities. It is open, realizable and highly standardized. Private placement fund refers to a securities investment fund that raises fund funds from specific investors in a non-public way and invests in securities. It is non-public, fund-raising, large investment, closed and unlisted.

2. Securities investment funds can be divided into listed funds and unlisted funds according to whether they can be listed and traded on the stock exchange. A listed fund refers to a securities investment fund whose fund shares are listed and traded on a stock exchange. For example, transactional open-end index funds (ETFs), listed open-end funds (LOF) and closed-end funds. Unlisted funds refer to securities investment funds whose fund shares cannot be listed and traded on the stock exchange. Including realizable funds and non-negotiable funds. A realizable fund refers to a securities investment fund, such as an open-end fund, which can recover its investment through "redemption" although the fund is not listed on the stock exchange. Non-circulating funds refer to securities investment funds, such as some private equity funds, which can neither be publicly traded on the stock exchange nor redeemed to recover their investment.

3. According to the mode of operation, securities investment funds can be divided into closed securities investment funds and open securities investment funds. Closed-end securities investment funds, which can be referred to as closed-end funds or fixed-end securities investment funds for short, refer to securities investment funds whose fund scale will not increase or decrease within a specified time (also called "closed period") after a predetermined number of funds are issued. From the combination characteristics, it has important characteristics such as equity, creditor's rights and supervision.

Open-end securities investment fund, referred to as open-end fund, is also called variable securities investment fund. Refers to the securities investment fund whose number of fund securities changes due to the issuance of new fund securities or the redemption of principal by investors. From the combination characteristics, it has important characteristics such as equity, deposit and flexibility.