1, Penghua Securities Insurance Classification B Fund belongs to stock funds, and its expected risks and returns are higher than those of hybrid funds, bond funds and money market funds, so it is a kind of securities investment fund with higher risks and expected returns. Meanwhile, the fund is an index fund. By tracking the performance of the underlying index, it has similar risk-return characteristics with the underlying index and the companies represented by the underlying index. Judging from the two types of fund shares split by the fund, Penghua's non-bank A share belongs to stable income share, which has the characteristics of low risk and relatively low expected income; Penghua's non-bank B share is a positive income share, which has the characteristics of high risk and relatively high expected income.

2. Although Shenwan Securities Fund is a stock index fund, due to the structural design of fund share classification, different fund shares have different risk-return characteristics. Shenwan Securities is a regular index fund share, which has the characteristics of high expected risk and high expected return, and its expected risk and expected return level is higher than that of money market funds, bond funds and hybrid funds. Securities A shares have the characteristics of low expected risk and low expected return. Securities B shares have the characteristics of high expected risk and high expected return because of leveraged investment.