According to whether it can be listed on the stock exchange, securities investment funds can be divided into listed funds and unlisted funds. Listed funds refer to securities investment funds whose fund shares are listed on the stock exchange. For example, transactional open-end index funds (ETFs), listed open-end funds (LOF) and closed-end funds. Unlisted funds refer to securities investment funds whose fund shares cannot be listed and traded on the stock exchange. Including realizable funds and non-negotiable funds. A realizable fund refers to a securities investment fund, such as an open-end fund, which can recover its investment through "redemption" although the fund is not listed on the stock exchange. Non-circulating funds refer to securities investment funds, such as some private equity funds, which can neither be publicly traded on the stock exchange nor redeemed to recover their investment. According to the different operation modes, securities investment funds can be divided into closed-end funds and open-end funds. Closed-end securities investment fund, also known as fixed-investment securities investment fund, refers to a securities investment fund whose capital scale will not increase or decrease within a specified time (also known as "closed period") after a predetermined number of funds are issued. From the combination characteristics, it has important characteristics such as equity, creditor's rights and supervision. Open-end securities investment fund, also known as variable securities investment fund, refers to the securities investment fund in which the number of fund securities changes because investors issue new fund securities or redeem the principal. From the combination characteristics, it has important characteristics such as equity, deposit and flexibility. According to different organizational forms, securities investment funds can be divided into corporate securities investment funds and contractual securities investment funds. Corporate securities investment fund, referred to as corporate fund for short, refers to a securities investment fund company (or similar legal person institution) established in accordance with the provisions of the company law (or commercial law) with legal personality and for profit; In terms of securities, it refers to securities investment fund securities issued by securities investment fund companies. Contractual securities investment fund, referred to as contractual fund. Organizationally, it refers to the securities investment fund organization formed by issuing fund securities with the nature of beneficiary certificates in accordance with the trust deed principle; Existing securities refer to securities investment fund securities issued by securities investment fund management companies as fund sponsors. According to different investors, investment funds can be divided into stock funds, bond funds, mixed funds, money market funds, QDII funds, futures funds, option funds, warrants funds and so on. Equity funds refer to investment funds that invest in stocks (the proportion of stock investment accounts for more than 60%); Bond funds refer to investment funds that invest in bonds (bond investment accounts for more than 80%); Hybrid fund means that the investment ratio of stocks and bonds is between the above two types of funds, which can be flexibly adjusted; Money market funds refer to investment funds that invest in short-term securities in the money market, such as treasury bills, negotiable certificates of deposit of large banks, commercial bills, corporate bonds, etc. Futures funds refer to investment funds that mainly invest in various futures varieties; Option fund refers to an investment fund that invests in stock options that can distribute dividends; Warrant fund refers to an investment fund with warrants as its investment object. QDII fund is a securities investment fund established in a country and approved by the relevant departments of the country to engage in securities investment business such as stocks and bonds in overseas capital markets. QDII is the abbreviation of qualified domestic institutional investor. In addition, according to different investment styles, equity funds are divided into growth funds, value funds and hybrid funds. Growth stock fund refers to the fund that mainly invests in growth stocks with fast income growth and great future development potential; Value stock funds refer to funds that mainly invest in undervalued and safer stocks. The risk of value stock funds is lower than that of growth stock funds, and the risk of hybrid stock funds is somewhere in between. According to different investment objectives, securities investment funds can be divided into growth funds, income-oriented funds and balanced funds. Growth funds refers to a securities investment fund that aims at pursuing long-term appreciation and profitability of assets, thus investing in listed stocks or other securities with good growth potential. Income fund refers to a securities investment fund whose basic goal is to pursue high current returns and whose main investment target is securities that can bring stable returns. Balanced fund refers to a securities investment fund with the basic goal of ensuring capital security, current income distribution and long-term growth of capital income, and paying more attention to the combination of long-term and short-term income and risk in the portfolio. According to different investment concepts, securities investment funds can be divided into active funds and passive (index-type) funds. Active fund is a kind of fund that tries to achieve performance beyond the benchmark portfolio. Unlike active funds, passive funds do not actively seek to outperform the market, but try to replicate the performance of the index. Passive funds generally choose a specific index as the tracking object, so they are often called index funds.