At present, the investment strategies of low-risk arbitrage are mainly divided into the following four types: 1, fixed-income investment varieties, including national debt, money fund, reverse repurchase, corporate debt, bond fund, A-class graded fund, spot arbitrage, new debt, new shares and so on. 2. Discounted equity investment varieties (discount can bring excess returns to outperform the broader market), including closed-end funds, QDII, LOF, graded funds, stock index futures, mergers and acquisitions, H shares, warrants, etc. 3. Guaranteed equity investment varieties, including guaranteed convertible bonds, cash option stocks, green shoe mechanism stocks, invitation to buy stocks and other low-risk investment varieties; 4. Tradeable low-risk investment varieties such as mergers, acquisitions and repurchases of listed companies.