First, if you distinguish according to the input target. According to Item 4 and Item 5 of Article 30 of Operation Management Measures, FOF can be subdivided into pure FOF and impure FOF. The former only buys funds, or the proportion of investment in funds is not less than 80% of fund assets. Then a small part of the extra funds, that is, below 15%, can buy some other kinds of securities in a small proportion, such as stocks and bonds. We might as well call this part of FOF a secondary FOF. Non-pure FOF means that funds, stocks and bonds can be bought, and the proportion space of large-scale asset allocation is completely stipulated in the fund contract, which is the future hybrid fund, and its investment target can include funds.

Secondly, according to the ownership of investment funds, FOF can be subdivided into three categories: internal FOF, external FOF and mixed FOF. Internal FOF, as its name implies, only buys the funds of its own enterprise; External FOF, as the name implies, of course, only buys funds from other fund companies; Mixed FOF means that no matter you, me or him, as long as it is a suitable fund, you can buy it.

Thirdly, according to the types of funds invested, FOF can be subdivided into stock FOF, bond FOF, currency FOF, hybrid FOF, index fund FOF, QDII-FOF and so on. Not less than 80% of the fund assets in the stock FOF investment target will be invested in stock funds; No less than 80% of the fund assets in the bond FOF investment target will be invested in bond funds; Not less than 80% of the fund assets are invested in the monetary fund in the monetary FOF investment target; In the investment target of index FOF, no less than 80% of fund assets are invested in index funds; No less than 80% of QDII-FOF fund assets will be invested in QDII funds; In the investment target of hybrid FOF, no less than 80% of the fund assets will be invested in hybrid funds, or all kinds of funds can be invested.

Fourthly, according to different investment strategies, FOF can be subdivided into three sub-categories: active FOF, passive FOF and mixed FOF***. Active FOF refers to the FOF products that will be put into use by active strategy; Passive FOF refers to FOF products that will adopt passive strategy to implement investment; Hybrid FOF is a product that can be used for both of the above strategies, such as fund index enhanced FOF and "core-satellite" strategy FOF.

5. According to the different trading places of the underlying investment, FOF can be subdivided into on-site FOF, off-site FOF and mixed FOF * *. On-site FOF refers to FOF products that subscribe, purchase and redeem funds only through on-site transactions; OTC FOF refers to FOF products that only buy and sell funds through OTC, such as ETFs and graded funds. Hybrid FOF refers to FOF products that can be subscribed, purchased, redeemed and traded through the above two channels, such as arbitrage transactions commonly used in professional investment ETFs and graded funds.