Pension fund refers to a publicly raised securities investment fund that aims at pursuing long-term stable appreciation of pension assets, encourages investors to hold them for a long time, adopts mature asset allocation strategies, and reasonably controls the risk of portfolio fluctuation. Domestic pension funds mainly take the form of FOF (FOF is the abbreviation of "fund fund", which is a fund with fund as the investment target). Specifically, the two types of pension target funds are target date funds and target risk funds.