1, direct issuance, is a way for fund sponsors to sell directly to investors without underwriters, and most of them are suitable for private placement;

2. Indirect issuance refers to the way that fund sponsors issue through securities underwriters, mostly by bidding and competitive issuance.

The issuance of fund securities is the behavior of qualified fund companies to publicly sell certificates representing the beneficial rights of specific trusts to social investors for the purpose of raising entrusted funds, which is a basic link in the whole operation of investment funds. The fund securities issuance market is called the "primary fund market" and is an important part of the fund market.