According to whether it can be listed on the stock exchange, open-end funds can be divided into listed open-end funds and contractual open-end funds.
Listed and traded open-end funds refer to securities investment funds whose fund shares are listed and traded on the stock exchange, and both sides of the fund are investors. For example, transactional open-end index funds (ETFs) and listed open-end funds (LOF).
Contractual open-end fund refers to the securities investment fund whose fund share cannot be listed and traded on the stock exchange. Although such funds cannot be listed on the stock exchange, they can be traded through "subscription" and "redemption", and the trading parties of such funds are investors and fund companies.
According to different investment objects, open-end funds can be divided into stock funds, bond funds, mixed funds, money market funds, futures funds, option funds and warrant funds.
Equity funds refer to investment funds that invest in stocks (the proportion of stock investment accounts for more than 60%); Bond funds refer to investment funds that invest in bonds (bond investment accounts for more than 80%); Hybrid fund means that the investment ratio of stocks and bonds is between the above two types of funds, which can be flexibly adjusted; Money market funds refer to investment funds that invest in short-term securities in the money market, such as treasury bills, negotiable certificates of deposit of large banks, commercial bills, corporate bonds, etc. Futures funds refer to investment funds that mainly invest in various futures varieties; Option fund refers to an investment fund that invests in stock options that can distribute dividends; Warrant fund refers to an investment fund with warrants as its investment object.
In addition, according to different investment styles, we divide stock funds into growth funds, value funds and hybrid funds. Growth stock fund refers to the fund that mainly invests in growth stocks with rapid expected annualized income growth and great future development potential; Value stock funds refer to funds that mainly invest in undervalued and safer stocks. The risk of value stock funds is lower than that of growth stock funds, and the risk of hybrid stock funds is somewhere in between.
According to different investment objectives, open-end funds can be divided into growth funds, income-oriented funds and balanced funds.
Growth funds refers to a securities investment fund that aims at pursuing long-term appreciation and profitability of assets, thus investing in listed stocks or other securities with good growth potential.
Income fund refers to a securities investment fund whose basic goal is to pursue high current returns and whose main investment target is securities that can bring stable returns.
Balanced fund refers to a securities investment fund with the basic goal of ensuring the safety of funds, ensuring the distribution of expected annualized income in the current period, and ensuring the long-term growth of funds and expected annualized income, and paying more attention to the combination of long-term and short-term expected annualized income and risk in the portfolio.
According to different investment concepts, open-end funds can be divided into active funds and passive (index-type) funds.
Active fund is a kind of fund that tries to achieve performance beyond the benchmark portfolio. Unlike active funds, passive funds do not actively seek to outperform the market, but try to replicate the performance of the index. Passive funds generally choose a specific index as the tracking object, so they are often called index funds.