The fund in the fund refers to the fund that invests in other securities investment funds, and its investment portfolio consists of other funds. In countries with developed fund industry, such as the United States, funds in funds have become important public securities investment funds. At present, public securities investment funds in China are allowed to invest in public funds themselves. 20 14 The Measures for the Operation and Management of Public Offering of Securities Investment Funds, which came into effect in August, stipulates that if more than 80% of fund assets are invested in other fund shares, they are funds in the fund.