The so-called umbrella fund, also known as "umbrella sub-fund" or "umbrella sub-structure fund", is an organizational form of the fund. According to a general fund prospectus, fund sponsors set up several funds that can only be converted according to the prescribed procedures and rates, that is, several sub-funds are set up under a parent fund, and each sub-fund makes independent investment decisions according to different investment policies and investment objectives. Its biggest feature is that it can provide investors with a variety of investment options within the parent fund. Umbrella fund is a fund model corresponding to the single-structure fund popular in China at present.