one is a fund and the other is a foundation. Fund is a way for experts to manage money on behalf of customers. Ordinary investors don't know professional investment knowledge and skills, so they need to entrust experts to manage money on their behalf. Through the investment behavior of professionals, we can fully avoid investment risks and make the investment income more stable. Funds are also called trusts in Europe and America. As the name implies, trust is trust entrustment. Entrustment is based on trust. However, there is also a fatal weakness in the mode of financial management on behalf of customers through trust funds, that is, ordinary investors and fund managers are in a completely asymmetric position of information, and fund managers may completely use their absolute information advantages to infringe on the interests of investors, while investors are in an absolutely weak position. Therefore, if trust funds want to develop continuously for a long time and achieve a win-win situation for all parties, strict legal supervision is indispensable. Without strict legal supervision, investors, as an absolutely vulnerable group, can't protect their interests. If investors can't make money, the trust fund industry can't develop healthily for a long time.