Securities exclude funds. Securities and funds are both investment tools in financial markets, and they are independent. Securities refer to all kinds of securities in the securities market, such as stocks, bonds, fund shares, etc., which represent the ownership or creditor's rights of a specific asset. The trading of securities is carried out through the stock exchange, and investors can buy and sell securities on the stock exchange to obtain investment income. Funds are investment tools managed by fund managers. That is, investors buy fund shares, and fund managers invest these funds in various securities, bonds and other assets to obtain investment income.