1, exchange spread: Shanghai fund refers to fund products traded on Shanghai Stock Exchange (SSE). Shanghai Stock Exchange is one of the largest stock exchanges in China, located in Shanghai. Beijing Fund refers to the fund products traded in Beijing Stock Exchange. Beijing Stock Exchange is one of the national stock exchanges in China, located in Beijing.

2. Difference of fund types: Shanghai stock market funds include ETF funds (transactional open-end funds), LOF funds (listed open-end funds), closed-end funds, graded funds and other types of fund products. Fund types are listed and traded on Shanghai Stock Exchange. Beijing funds include different types of funds, such as money funds, bond funds and equity funds. Fund types are listed and traded on the North Stock Exchange.