Retail Fund: Open to anyone who wants to join, offering a range of investment and insurance options; registered with the Securities and Exchange Commission (SEC) and sold to individual investors through investment dealers and in open market transactions. Often categorized as mutual funds, retail funds carry lower initial investments and management expense ratios than non-retail funds. Because retail funds are registered with the SEC, they are restricted in the amount of overall risk they can expose themselves to.

Source: Investopedia