ETF (exchange traded fund) is short for "transactional open-end securities investment fund", also called "exchange traded fund". ETF is an open-end fund listed on the exchange, which has the advantages and characteristics of both stocks and open-end index funds, and is an efficient index investment tool.

LOF (closed open-end fund) is called "listed open-end fund". Investors can purchase and redeem fund shares in the primary market through open-end fund accounts, or buy and sell funds in the secondary market, and organically link the OTC market and the OTC market through the transfer custody mechanism.

Hierarchical fund, also known as structured fund, is a structured securities investment fund that divides the basic share of the fund into sub-shares with different expected risk returns by agreeing on the risk-return distribution of the fund in advance, and can be listed in part or in whole. Among them, the basic share of graded funds is called parent fund share, and the sub-share with lower expected risks and returns is called Class A share, which is generally linked to the interest rate of fixed deposits and has the characteristics of low risk; Sub-shares with higher expected risks and returns are called Class B shares, which are suitable for investors with mature investment concepts and high risk tolerance.