Fund products have five risk levels, namely: cautious products (R 1), stable products (R2), balanced products (R3), enterprising products (R4) and radical products (R5).

The investment scope of R 1 and R2 is basically the same, and the proportion of low-risk part of R 1 investment will be higher, which generally belongs to products with guaranteed capital plus expected income, while R2 generally belongs to products with floating expected income and will not promise to guarantee capital.

R4 products are generally invested in financial products with high volatility, such as stocks, gold and foreign exchange, and the proportion can exceed 30%, and the principal is not guaranteed.

According to different standards, securities investment funds can be divided into different types: according to whether the fund share can be increased or redeemed, it can be divided into open-end funds and closed-end funds. Open-end funds are not traded on the market (as the case may be), but are purchased and redeemed by banks, brokers and fund companies, and the fund scale is not fixed; Closed-end funds have a fixed duration and are generally listed and traded on the stock exchange. Investors buy and sell fund shares through the secondary market.

According to different organizational forms, it can be divided into corporate funds and contractual funds. A fund is established by issuing fund shares to establish an investment fund company, which is usually called a corporate fund; The establishment of fund managers, fund custodians and investors through fund contracts is usually called contractual funds. China's securities investment funds are all contractual funds.

According to the difference of investment risk and income, it can be divided into growth fund, income fund and balanced fund.

According to different investment objects, it can be divided into stock funds, bond funds, money market funds and futures funds.

Because closed-end funds are traded by bidding in securities trading, the transaction price is affected by the relationship between market supply and demand, which does not necessarily reflect the fund's net asset value, that is, the transaction price of closed-end funds has a premium and discount phenomenon relative to its net asset value. The practice of foreign closed-end funds shows that the transaction price often has the price fluctuation law of first premium and then discount.

Judging from the operation of closed-end funds in China, no matter how the fundamental situation changes, the transaction price trend of closed-end funds in China has never deviated from the price fluctuation law of first premium and then discount.

Open-end fund refers to an investment fund whose scale is not fixed, but which can issue new shares or be redeemed by investors at any time according to market supply and demand. Closed-end fund is relative to open-end fund, which refers to the investment fund whose fund size has been determined before issuance and remains unchanged within the specified period after issuance.