It refers to an investment tool in which the funds raised through the sale of fund shares form independent fund property, which is managed by the fund manager and managed by the fund custodian, and securities investment is made in the form of asset portfolio, and the holders of fund shares enjoy the benefits and bear the risks according to their shares.

Securities investment funds originated from UK 1868, which provided investors with new financial investment options.

There are four steps to establish the organizational relationship of securities investment funds: determining the nature of funds, selecting sponsors, submitting approval documents and publishing fund prospectus.