The fund embodies the trust relationship and is a kind of beneficiary certificate. Investors become beneficiaries of the fund after purchasing fund shares, and fund managers only manage funds for investors and do not bear the risk of investment losses.

Stock reflects the ownership relationship, which is a kind of ownership certificate, and investors become shareholders of the company after buying it;

Bonds reflect the relationship between creditor's rights and debts, which is a kind of creditor's rights certificate. Investors become creditors of the company after purchase.

Bank savings deposit is a kind of credit certificate, which shows the bank's debt, and the bank has the legal responsibility to protect the depositor's principal and interest.