Listed funds: Open-end securities investment funds listed and traded on the exchange can be purchased and redeemed by the fund manager or the sales organization entrusted by the fund manager according to the net value of the fund, and can also be bought and sold through the exchange market at the transaction price set by the trading system. According to whether it can be listed on the stock exchange, securities investment funds can be divided into listed funds and unlisted funds. Listed funds refer to securities investment funds whose fund shares are listed on the stock exchange. For example, transactional open-end index funds (ETFs), listed open-end funds (lof) and closed-end funds.

Public offering fund (), a public offering fund is a securities investment fund that is supervised by the competent government department and publicly issues beneficiary certificates to unspecified investors. Under the strict supervision of the law, these funds have industry norms such as information disclosure, profit distribution and operation restrictions. For example, at present, the closed-end funds in the domestic securities market belong to Public Offering of Fund. Public Offering of Fund and private equity funds have their own merits, and their healthy development is of vital significance to the development of financial markets.