One is partial debt, which can not only participate in the subscription of new shares, but also buy and sell stocks directly in the secondary market. This kind of fund belongs to the high-risk and high-yield people in the debt base.

Second, a new category is set up, which can only participate in the subscription of new shares and cannot directly buy and sell stocks in the secondary market. The risks and returns of such funds are moderate.

Third, pure debt, the position of such funds investing in stocks is very low, almost negligible, and the risks and returns of such funds are low.