Self managed super fund also known as SMSF or DIY super that you manage yourself. Like other superfunds, SMSFs help you to save for your retirement. The main difference between SMSF and other types of funds is that members of an SMSF are the trustee of the SMSF means they run SMSF for their own benefit. An SMSF must be run for the sole purpose of providing retirement benefits for its members or their dependants. All members of an SMSF are responsible for the fund’s decisions and comply with the super and tax laws.
Courtesy: https://www.ato.gov.au/super/self-managed-super-funds/