Hybrid fund refers to a fund that invests in stocks, bonds and money markets at the same time without a clear investment direction. Its risk is lower than that of stock funds and its expected return is higher than that of bond funds. It provides investors with a tool to diversify their investments among different assets, which is more suitable for more conservative investors. Hybrid fund is a kind of fund that aggregates investors' funds in the form of partnership law. Partnerships are organized by management companies, such as banks or insurance companies, which organize funds and charge them fees. Typical partners include trusts or retirement accounts, whose asset portfolios are much larger than those of individual investors, but they are still too small if managed independently. In form, the hybrid fund is similar to the open-end fund, but it does not take the fund share as the investment carrier, but provides a fund unit that can be bought and sold at the net asset value price. Banks or insurance companies will provide a lot of different mixed funds for trust or retirement accounts to choose from. Such as money market funds, bond funds and common stock funds.