1. According to the organizational form of the fund, it can be divided into contractual funds and corporate funds.
Contractual Fund
Contractual funds are a type of fund established based on a fund contract . (Currently, all funds in China are contract funds)
corporate funds
A corporate fund is established in accordance with the articles of association of the fund company and is a joint-stock investment company with an independent legal person status in law.
2. According to the mode of fund operation, it can be divided into closed-end funds and open-end funds.
closed-end fund
It refers to a fund whose fund shares are fixed during the duration , and fund shares can be traded on legally established stock exchanges, but fund share holders are not allowed to apply for redemption. (Can be traded in the secondary market)
open-end fund
It refers to a fund in which the total amount of fund shares is not fixed , and fund shares can be subscribed and redeemed at the time and place specified in the fund contract ( most are not listed on the market )
3. According to the investment target of the fund, it can be divided into stock funds, bond funds, hybrid funds, money market funds, etc.
Stock funds: securities investment funds with stocks as their main investment objects (more than 80%)
Bond fund: a securities investment fund with bonds as its main investment object (more than 80%)
Hybrid Fund: A fund that invests in both stocks and bonds
Money market fund: A fund that only invests in money market instruments. The investment period is generally within one year, including short-term bank deposits, treasury bills, corporate short-term bonds, bank acceptance notes, commercial papers and other money market instruments.
4. According to the investment objectives of the fund , it can be divided into growth funds, income funds and balanced funds.
growth fund
Pursue long-term appreciation of fund assets
income fund
Aiming to obtain maximum income for the current period
balanced fund
Invest in securities with two characteristics
5. According to the investment philosophy of the fund , it can be divided into active funds and passive funds.
active fund
Funds that strive to outperform their benchmark group and performance through active stock selection and timing
passive funds
Also known as "index fund" , it refers to a type of fund that uses a specific index as a tracking object and strives to replicate the performance of the index .
6. According to the fund raising method, it can be divided into public funds and private funds.
Raised funds
A fund established to sell fund shares to the public and raise funds.
Public funds can sell fund shares to the public and publicize and promote them , and the target of fund raising is not fixed .
The investment amount required for fund shares is relatively low, making it suitable for small and medium-sized investors to participate.
Private Equity
It is a fund established by selling fund shares to specific qualified investors and raising funds.
Private equity funds have higher investment amounts and higher risks , and regulatory agencies will impose restrictions on the qualifications and number of investors.
Private equity funds cannot be publicly offered and promoted, and can only be issued in a non-public manner .
7. Special types of funds
1. Exchange Traded Funds (ETFs)
concept
It is a fund operation method that is listed and traded on the exchange and has variable fund shares . It combines the operating characteristics of closed-end funds and open-end funds .
Features
①The biggest feature of ETL is the physical subscription and redemption mechanism , that is, its subscription is to exchange a basket of stocks for ETF shares, and when redeeming, the fund shares are exchanged for a basket of stocks instead of cash.
②ETFs have regulations on “minimum subscription and redemption shares”
③ETL implements a trading system in which the primary market and the secondary market coexist
2. Listed open-end funds (LOF)
concept
It is a method that simultaneously conducts fund price subscription and redemption in the over-the-counter market , and can conduct fund share transactions and fund share purchase or redemption on the exchange , and organically connects the over-the-counter market with the on-site market through the share transfer custody mechanism. An open-end fund together.
Features
① Unlike ETLF, LOF does not necessarily adopt an index fund model , but can also be an actively managed fund;
② LOF subscription and redemption are all done in cash , and there is no limit on the scale of subscription and redemption.
3. Hedging strategy funds
4.QDII Fund
5. Fund of Funds (FOF)
concept
A fund that invests in other funds
In China, according to the China Securities Regulatory Commission’s classification standards for fund categories, a fund with more than 80% of its assets invested in other fund shares is a fund of funds.
6. Manager of managers (MOM)
7. Umbrella Funds
8. Pension target fund
9. Real Estate Investment Trusts (REITs)
concept
More than 80% of the fund's assets are invested in infrastructure asset-backed securities and hold all its shares; the fund holds all equity of infrastructure project companies through infrastructure asset-backed securities .
Features
Infrastructure asset-backed securities refer to the cash flow generated by infrastructure projects as the source of repayment and the infrastructure asset support special plan as the carrier in accordance with the "Regulations on the Management of Asset Securitization Business of Subsidiaries of Securities Companies and Fund Management Companies" and other relevant regulations. , securities issued to investors representing shares of infrastructure property or property interests . Infrastructure includes warehousing and logistics, toll roads, airports and ports and other transportation facilities, municipal facilities such as water, electricity and heating, pollution control, information networks, industrial parks and other infrastructure, excluding residential and commercial real estate .