Within most funds, you will have some choice as to how your super money is invested. The amount of choice you have will depend on what super fund (and type of super fund) you have invested into.

Most superannuation funds will generally offer a range of investment options covering most asset classes. In the case of SMSFs, you have the opportunity of investing directly in investments such as direct shares, term deposits, and direct property, and potentially even in artwork and collectibles. SMSFs also allow the ability to borrow under strict regulations to invest in property or shares.

Many funds may offer single-asset investment options, such as 'cash', 'fixed interest', 'domestic equities', 'international equities', and property or multi-asset investment options such as 'conservative', 'balanced', 'growth' or 'high growth' which incorporate a range of asset classes.

The name of a multi-asset investment will generally relate to how much exposure the investment has to underlying growth assets (including shares and property) or income assets (such as cash or fixed interest). Multi-asset funds provide diversification across a range of asset classes in Australia and overseas.

The investments offered to you will generally differ from fund to fund.