1. According to different standards, securities investment funds can be divided into different types: according to whether the fund share can be increased or redeemed, they can be divided into open-end funds and closed-end funds. Open-end funds are not traded on the market (as the case may be), and the fund scale has not been fixed through subscription and redemption by banks, securities companies and fund companies; Closed-end funds have a fixed term and are generally listed and traded on the stock exchange. Investors buy and sell fund shares through the secondary market. According to different organizational forms, it can be divided into corporate funds and contractual funds. Fund is an investment fund company established by issuing fund shares, usually called corporate fund; Usually called contractual fund, it is established by fund managers, fund custodians and investors through fund contracts. China's securities investment funds belong to contractual funds.
2. According to the different investment risks and returns, it can be divided into growth funds, income funds and balanced funds. According to different investment objects, it can be divided into stock funds, bond funds, money market funds and futures funds. Trust funds refer to investment funds whose scale is determined before issuance and whose term is determined after issuance, and which are traded in the securities market. Because the closed-end fund trades by bidding in securities trading, its transaction price is affected by the relationship between market supply and demand, which does not necessarily reflect the fund's net asset value, that is, the transaction price of closed-end fund has a premium discount relative to its net asset value. The practice of foreign closed-end funds shows that there is often a price fluctuation law of premium first and then discount. Judging from the operation of closed-end funds in China, no matter how the fundamentals change, the transaction price trend of closed-end funds in China has never deviated from the price fluctuation law of first premium and then discount.
3. The relationship between open-end funds and closed-end funds. Open-end fund and closed-end fund constitute two basic operating modes of funds. Open-end fund refers to an investment fund whose scale is not fixed, but which can issue new shares or redeem them at any time according to market supply and demand. Different from open-end funds, closed-end funds refer to investment funds whose scale is determined before and within a certain period of time after issuance. Before 2004, open-end funds were not listed and traded on the stock exchange, but were generally redeemed through sales organizations such as banks or direct selling centers. After 2004, China innovated the operation mode of open-end funds, allowing some open-end funds to be listed and traded on the stock exchange. This open-end fund has become a listed open-end fund (LOF). The scale of the fund is not fixed, and the fund unit can sell it to investors at any time or buy it back at the request of investors.