Fund

Definition
Fund of the broad and narrow, a broad sense, the fund is referred to institutional investors, including investment trust funds, unit trust funds, provident funds, insurance funds, pension funds, foundations fund. On the existing funds in the securities market, including closed-end funds and open-end fund, with receipts of value-added features and the characteristics of potential. Dialysis from an accounting perspective, the Fund is a narrower concept, which refers to a specific purpose and use of funds. It is because the Government and institutions of the investor does not require investment returns and investment recovery, but demanded by the law or the will of the investor funds to the designated purposes, and the formation of the Fund.
We now say that the fund usually refers securities investment funds.
Securities Investment Fund
Securities investment funds is through the sale of fund shares, many investors will be the funds together to form the independent assets from the trust fund trustees, fund managers and management to portfolio approach to portfolio investment interests of a shared risk the shared investment pool.
Securities investment funds is a form of indirect investment securities. Fund management company through the issuance of fund units, and concentrate investor funds from the trust fund (or a qualified banks) hosted by the management and use of fund managers funds, in stocks, bonds and other financial instruments investment, and then sharing the investment risk , and revenue-sharing. According to different standards, securities investment funds can be divided into different categories:
Whether the Fund can increase or redemption of units can be divided into open-end funds and closed-end funds. Open-end funds not listed transactions, the general purchase and redemption through banks, fund size is not fixed; closed-end funds have a fixed deposit renewal of the fund during the fixed scale, usually in the places listed securities trading transactions, secondary market investors through the sale of Fund units.
Securities investment funds in the United States called the "Common Fund", the United Kingdom and China's Hong Kong Special Administrative Region known as the "unit trusts", Japan and China's Taiwan region said the "Securities Investment Trust Fund."
Securities investment funds is a benefit-sharing, risk-sharing pool to invest in securities investment, that is, through the issuance of fund units, and concentrate investor funds from the trust fund trustees (generally reputable banks), by the Fund the administrator (that is, the fund management company) management and use of funds, in stocks, bonds and other financial instruments for investment. Securities fund investors enjoy the return on investment, and investment losses due to assume the risk. China's Fund are temporarily lease funds, the Trust is a kind of investment.
Investment Fund General Fund invests primarily blue chip market, while the Topix index calculation, market blue chips also accounted for a lot of weight, so the Fund's decline, the stock market rose and fell on the Topix index gained up with the general or with the relationship.
But specific to the different funds have different, and some funds on the Shanghai Stock Index Change and closely related, but some fund Change and the Topix index related low, and even some in the fund when the Pantu also rose, That depends on what the stock fund holders of a specific investment funds originated in the United Kingdom, is prevalent in the United States. After the First World War, the United States replaced the United Kingdom to become the new overlord of the world economy, jumped from a capital-importing country to a major capital-exporting countries. With the economy running substantial growth, increasing complexity of the economic activities have resulted in some investors increasingly difficult to judge economic trends. In order to effectively promote the foreign trade and foreign investment, the United States began to introduce investment trust fund system. 1926, Boston, Massachusetts financial services company has set up a "Massachusetts investment trust," became the first of a modern face of the mutual funds. In the subsequent years, the fund in the United States has experienced a period of brilliance. To the late 1920s, all closed-end funds total assets had reached 2.8 billion US dollars, and the open fund only the total assets of 140 million US dollars, but the latter both in quantity and in the growth rate of total assets is higher than closed Fund. 20 of the annual total assets have more than 20 per cent growth in 1927 growth rates of over 100%.
However, investors in the United States immersed in "the eternal prosperity" in the optimism, the 1929 global stock market crash, the rise of the United States just to the fund industry suffered a heavy blow. With the global economic slump, most of the investment company failed, the remaining can not last. But comparatively speaking, the loss of closed-end funds than open-end funds. The financial crisis has made the United States the total assets of investment funds dropped by around 50 percent. Since then the entire 1930s, the securities industry is at a low ebb state. Faced with the Great Depression of the shortage of funds and low industrial productivity, people lose confidence in investing, coupled with the outbreak of World War II, investment fund industry was hesitant.
After the crisis, the United States Government to protect the interests of investors, developed in 1933 the "Securities Act" and 1934's "Securities Exchange Act", and later developed specifically for the investment funds in 1940 "Investment Company Law" and "investment advisers law . " "Investment Company Law," detailed specifications of the investment fund management and the legal requirements, provide investors with a complete legal protection for future investment funds and the rapid development of a good legal basis.
After World War II, the United States economic recovery strong growth momentum, investor confidence will soon recover. Investment funds in the strict legal protection, especially open-end fund is once again active fund size increased year by year. After entering the 1970s, the United States investment funds and the outbreak of growth. In 1974-1987 13 years, the scale of investment funds from 64 billion US dollars to 700 billion US dollars. At the same time, the United States has broken through the fund industry for more than 50 years, only to invest in common shares and the limitations of corporate bonds in 1971 launched money market funds and federal funds; 1977 began a long-term municipal bond funds and bond funds; first appeared in 1979 tax-free money fund in 1986 launched the international bond funds. To the end of 1987, the United States there are more than 2,000 kinds of different funds for the nearly 25 million held by the person. Because many kinds of investment funds, investment funds focused on decentralization, in the 1987 stock market crash period, the United States investment funds did not reduce the total assets, and an increase in the number.
In the early 1990s, the United States stock market in the new injection of capital from about 80% of the Fund, in 1992, this proportion had reached 96 per cent. From 1988 to 1992, the United States shares the total proportion of investment funds held by the sharp rise 5% to 35%. By 1993, the New York Stock Exchange, the personal investment accounts for only 20% of the market capitalization, and the fund accounted for 55 per cent. As of the end of 1997, there are around 7.5 trillion US dollars of the Fund's assets, including the assets of the Fund size of the United States about 4 trillion US dollars, the commercial banks has surpassed the United States the total amount of savings deposits. From 1990 to 1996, investment funds growth rate of 218%. In the meantime, more and more capital with huge institutional investors, including banks of the trust, trust companies, insurance companies, pension funds or foundations, as well as the consortium, began investing heavily in investment funds. Currently, the United States has become the world's fund industry the most developed countries.
Features

And stocks, bonds, fixed deposits, foreign exchange and other investment instruments, securities investment funds also provide investors with an investment channels. Well, compared to other investment instruments, securities investment funds, which have characteristics?
(1) collection management, professional management.
The Fund will focus on the funds for many investors, fund managers conducted jointly commissioned, showing the characteristics of a financial pool. Through the pooling of funds for many investors, add up, that will help fund the scale advantages of lower cost of the investment. By fund managers and fund management and investment operation. Fund managers generally have a large number of professional investment researchers and powerful information network is better able to carry out all of the securities markets, dynamic tracking and analysis. Fund managers will be handed over to the management of funds to small and medium-sized investors can enjoy professional investment management services.
(2) portfolio investment, spread the risks.
To reduce investment risks, China, "the Securities Investment Fund Law," provides that the Fund must take the form of portfolio investment in the Fund's investment operation, so that "portfolio investment, diversify risk" has become a feature of the Fund. "Portfolio risk diversification," the scientific study has been proved by modern investment, small and medium-sized investors because of a small amount of funding, generally not through the purchase of shares of different spread the investment risks. Fund usually buy dozens or even hundreds of stocks, investors to buy fund equivalent with very little funds for the purchase of a basket of stocks, some of the losses caused by the stock down other shares gained can be used to make up for profit. So we can fully enjoy the portfolio investment, the benefits of risk diversification.
(3) benefit-sharing, risk-sharing.
Fund investors is the owner of the Fund. Fund investors were taking risks, sharing proceeds. Fund investment income after deducting the costs borne by the Fund of all the surplus after all owned by the funds investors, and investors based on the proportion of shares held by the allocation of funds. Provide services for the Fund to fund trustees, fund managers can only be imposed by certain custodian fees, management fees, the Fund is not involved in the distribution of the proceeds.
(4) Strict monitoring, and information transparency.
To effectively protect the interests of investors and enhance investor confidence on the investments of the Fund, the China Securities Regulatory Commission on the fund industry to adopt more stringent regulation of all kinds of acts prejudicial to the interests of investors stringent enforcement, and the compulsion to fund more full disclosure of information. In such circumstances, strict supervision and transparency of information has also become one of the Fund's notable characteristics.
(5) an independent custodian, safety.
Fund managers responsible for the fund's investment operations, the Fund itself is not handling the custody of the property. Fund assets in custody by an independent fund trustees and fund managers accountable. Such restraint, and mutual supervision mechanism of checks and balances the interests of investors provide important protection.
Open-end fund
Open-end Fund (LOF), the English name is "Listed Open-Ended Fund" or "open-end funds", Chinese called "listed open-end funds," also known as the Common Fund abroad. Is listed open-end funds issue after investors can purchase in the designated outlets and redemption of fund shares, also in the Exchange Traded Fund. But if investors in the funds designated outlets requisitioning share dished out to the Internet, subject to certain formalities to the Trusteeship Council the same, if it is in the Exchange Fund to buy online share in the designated outlets to redemption, but also for certain procedures to the Trusteeship Council.
Is a variable distribution of the Fund share (units) of the total number may at any time change, the Fund can offer investors in the fund managers designated place of business purchase or redemption of the fund. Compared with the closed-end funds, open-end funds is not restricted to the amounts, the sale price to the net assets, is on sale at the counter and risk characteristics of a relatively small, particularly suited to small and medium-sized investors to invest.
World history of the development of the Fund from closed-end funds to open-end funds in history. Fund market most mature example of the United States. In September 1990, the United States opened a total of 3,000 funds, assets worth 1 trillion US dollars, while only 250 closed-end funds, the total assets of 60 billion US dollars. By 1996, the United States open-end fund assets of 35,392 billion dollars, closed-end funds assets only 1,285 billion dollars, the ratio of two to 27.54:1 while in 1940, the ratio was only 0.73 Taken : 1. In Japan, in 1990 before accounting for the vast majority of closed-end funds, open-end funds in a subordinate position, but in the late 1990s there has been a fundamental change, open-end funds to closed-end fund assets is about twice as assets.
In Hong Kong, Thailand, Taiwan, Singapore, the Philippines, the Asian Development Investment Fund earlier countries and regions, it is the beginning of the development of closed-end funds mainly gradual transition to the current form of the coexistence of two phases. From a global perspective, the 1990 World open-ended investment fund net assets amounted to 23,554 billion dollars, in 1995 has risen to 53,407 billion dollars.
Open-end fund has gradually become the mainstream of the World Investment Fund.
Countries in the world investment funds at the start of the mostly closed. This is because in the early stages of development investment funds, closed-end funds trading redemption fees than open-end fund share of the fees low. From the fund management point of view, because the request did not benefit from the redemption certificate pressure, investors can make full use of the funds to implement its investment strategy in order to maximize the benefits.
Open-end funds and closed-end funds constitute a common fund two basic mode of operation. Open-end fund asset size is not fixed, can purchase and redemption; do not have renewal, in theory, can never exist; not listed, through consignment agencies and direct sales center transaction price decided by the net asset value. Units can be sold to investors at any time, can also be bought back investors demand mode of operation. Closed-end funds and the scale of fixed assets; survival time fixed in the listed price decided by the relationship between supply and demand, the Fund will affect the prices of the net, but the two are not uniform, closed-end funds usually trade to discount more. Open-end fund operation of the Fund is the world one of the basic form. Fund management companies can be sold to investors at a new fund units, and investors should be ready to buy back the request of the holder of the fund units. At present, open-end funds have become the mainstream of the international fund market varieties, the United States, the United Kingdom, China's Hong Kong and Taiwan funds have more than 90 percent of the market is an open-end fund.
Closed-End Fund
Belong to the Trust Fund, the fund size is determined in the issue before the end of the issue within the set time period fixed in the stock market transactions and investment funds.
Because closed-end funds trading on the Stock Exchange to bid approach, transaction prices by market supply and demand relationship and does not necessarily reflect the impact of the Fund's net asset value, that is, relative to its net asset value, closed-end funds have a premium price of the deal, Discount. The practice of closed-end funds abroad showed their trading prices tend to exist after the first premium discount of the price fluctuations. China's closed-end funds from the operational situation, regardless of how the fundamentals change, China's closed-end funds trading prices have always failed to separate from the first premium, after the discount price fluctuations law.
According to different forms of organizations can be divided into corporate funds and contract funds. Fund through the issuance of shares of the Fund set up investment funds in the form of the establishment of the company, commonly referred to as corporate funds by fund managers, fund trustees and investors through tripartite set up to fund contracts, often referred to as the lease funds. At present, China's securities investment funds are contractual funds.
Companies Fund
Also known as the Common Fund, the Fund refers to itself as a limited liability company, the company through the issuance of stocks or benefit vouchers way to raise funds. Investors to buy the company's shares, will become the company's shareholders, with dividends or stock dividends receive dividends, the investment share the benefits.
Features
1. Mutual funds, the form of joint-stock companies, but different from ordinary shares of the company, its business focus on the securities investment trust.
2. Common funds for corporate capital, or shares.
3. Structure of the Common Fund for the same general stock company, with the board of directors and shareholders. The company has assets of the Fund from investors is that the company's shareholders, the company's assets is the ultimate holders. Owned by its shareholders shares in the size of the General Assembly on the exercise of shareholder rights.
4. Based on the company charter, the Board of Trustees of the Fund has assets of the proliferation security responsibility. For easy management, mutual funds often set fund manager and custodian. Fund managers are responsible for the investment management of the Fund's assets, the trustees of the fund manager responsible for the oversight of investment activities awakened. Trusteeship Council can (to be) in open bank accounts in their own name for the assets of the Fund's registration. To clear the rights and obligations of both sides, mutual fund companies and trustees of a contractual relationship between the Trusteeship Council the duties specified in the Common Fund and he signed the "Trust Agreement". If a problem mutual funds, investors have the right to directly to the mutual fund company from.
Contract funds

Also known as unit trusts, investment refers to specialized institutions (banks and enterprises) a joint venture fund management companies, fund management companies and trustees as a client by signing the "Trust Deed" benefit certificate issued in the form of - "the Fund Permit holders of units "to the community to raise the idle funds.
Characteristics of the unit trust is a document called the Trust Deed and formed a company manager in the organizational structure, it does not form a board of directors, fund managers, as the company commissioned to set up their own funds, or hire their own managers took the management of the Fund's operations and operation, and usually designated a company or underwriting securities company to handle the beneficiary certificate - Fund-issued permit holders, the sale, transfer, trade, distribution of profits, receipts and reimbursement of the benefits paid.
Trustee of the fund managers commissioned by the company, and the trust or a trust company registered in the name of the fund and accounts. Fund accounts kept completely independent of the fund company's accounts, even though the fund custody because of poor management company closed down its creditors can use the assets of the Fund. Its function is responsible for the management, custody, disposal of the trust property, and supervision of investment fund managers, to ensure that the fund manager to comply with the disclosure statement as specified in the investment, so that they take the portfolio in line with the requirements of the Trust Deed. In unit trust funds when there is a problem, the Trust is responsible for the investors who claims responsibility.
According to the investment risks and benefits of different, can be divided into growth and income funds and balanced type.
According to the different investment can be divided into equity funds, bond funds, money market funds, futures funds, and so on.
Equity Fund

Equity funds for investment in stock investment funds, is the main types of investment funds. Equity Fund is the main function of the small investors will be focused on large capital investment. Investing in different equity portfolio, the stock market is the major institutional investors.
Categories stock investment funds by the target can be divided into preference shares and ordinary shares of the Fund the Fund, and the preferred stock funds can get a stable income. Less risk. The distribution of income is mainly dividends; ordinary shares of the Fund is the largest number of a fund, the fund in pursuit of capital gains and long-term capital appreciation for the purpose of risk than the preferred fund. Fund investment decentralized level can be divided into general equity funds ordinary shares funds and specialized funds, the former refers to the Fund's assets invested in various decentralized ordinary shares, the latter refers to the Fund's assets invested in some special industries stock, the greater risk, but may have better potential revenue gains. Fund the purpose of investment funds can also be divided into capital stock value funds, growth funds and income funds. Value-added capital investment the main purpose of the Fund is to seek capital rapid growth, bring capital to the value of such funds high-risk, high return. Growth Fund invests in those with growth potential and can generate revenue of common stock, with certain risks. Stock income funds invest in a stable development prospects of the stock issued by the company, and the pursuit of stable dividend distribution and capital gains, the small risk of such funds, income is not high.
Features
1. Compared with the other funds, stock funds, the investment target is diversity, a diversity of investment purpose.
2. Investors with direct investment in the stock market compared to equity funds has spread the risks. Features such as lower cost. To the general investors, individual capital is limited after all, it is difficult type of diversified investment through lower investment risks. However, investment in equity funds, investors can not only share the shares of various types of income, but has also been through investment in equity funds and will be distributed to all types of risk on the stock, greatly reduce investment risks. In addition. Investors to invest in the equity funds, can also enjoy large fund to invest in the relative cost advantages, lower investment costs and improve returns on investment, access to the benefits of economies of scale.
3. Asset liquidity, the stock fund flows are strong, and the characteristics of high liquidity. Stock fund flows of investment is an excellent stock, the high quality of the Fund's assets and liquidating easy.
4. Investors, equity funds operating stability, and lucrative. Generally speaking, the risk of stock funds than the low-risk equity investments. Thus more stable income. Not only that, after the listing of closed-end equity funds, investors can also be traded in the Stock Exchange trading post. After the expiration of the Fund, investors have the right to the distribution of surplus assets.
5. Equity funds also in the international market with the financing of functions and features. On the stock market, the degree of internationalization of capital than the foreign exchange market and the bond market lower. In general, the stock market is basically in their transactions, stock investors can only invest in their own shares or in the few local listing of the shares of foreign companies. Overseas, stock funds exceeded this limit, investors can buy stock funds to invest in other countries or regions of the stock market, the internationalization of the securities markets will have a positive role in promoting this. From the current situation of overseas stock markets, stock investment fund is a large part of the stock of foreign companies.
Money Market Fund

Money Market Fund is invested in short-term money market securities to a fund. The assets of the Fund invests mainly in short-term monetary instruments such as Treasury bills, commercial paper, bank certificates of deposit, short-term government bonds, corporate bonds and other short-term securities.
Money Market Fund was established in 1972 in the United States. To the end of 1986, the United States there are more than 400 money market funds, with total assets of more than 290 billion US dollars. In the United States, money market funds according to risk size can be divided into two types: ① Treasury money market funds, mainly to invest in Treasuries, secured by the Government and other securities. These securities maturities usually less than one year, an average maturity period of 120 days. ② diversified money market fund is what is commonly known as money market funds, usually invested in commercial paper, treasury bills, the United States Government agency issued securities, negotiable certificates of deposit, bank acceptance bills and other negotiable securities, and its mature time with the fund, similar to the foregoing. ③ tax Monetary Fund, mainly for short-term financing, the quality of the municipal securities, including municipal bonds and medium-term municipal bonds. The advantages of tax-free money funds can be tax relief, but usually higher than the money-market funds generally yield low (about 30% to 40%), the tax rate is not high when investors choose the fund and not cost-effective.
Money market funds compared with the traditional fund has the following characteristics: ① money market funds and other investment funds in equities main difference is that the net asset value of fund units to be fixed, usually one yuan for each fund units. Investing in the Fund, investors can make use of re-investment income, investment income on the accumulated increase investor-owned share of the funds. For example, certain investors to 100 yuan investment in a money market fund, the fund would have 100 units, l years later, if the return on investment is 8%, then the investors more than eight fund units, a total of 108 units value 108 yuan. ② money market funds measure performance standard is good or bad yield, and other funds to net asset value of different value-added profits. ③ good liquidity, capital safe. These characteristics mainly from the currency market is a low-risk, highly liquid market. At the same time, investors may not be time period from day restrictions, as may be necessary at any time transfer of fund units. 4. Low risk. Money market instruments with maturities are usually very short, money market funds, the average duration of the investment portfolio is generally four to six months, with less risk, their prices are usually only by the impact of market interest rates, low investment costs ⑤. Money market funds do not usually charge redemption fees, and their management costs are low, money market funds, the management fee for the Fund net asset value of about 0.25% to 1%, than the traditional fund management in the rate of 1% ~ 2.5 percent lower. 6. Money market funds are open-end funds. Money market funds are usually regarded as a no-risk or low-risk investment vehicle for short-term capital investment to accrue for the rainy day, particularly in the high interest rates, high inflation rate, securities decreased mobility and reliability is low, can from the loss of principal.
Bond Fund
As its name suggests bond funds invest in bonds as the main subject of the Common Fund, in addition to bonds, can still invest in financial bonds, repurchase of bonds, CDs, short-term bills, the overwhelming majority of open-end fund distribution patterns, and take not distribute profits, the legitimate tax savings. At present, most bond funds tend to attribute of the bond proceeds fund to get a stable interest-based, therefore, generally stable earnings growth.
(A) Transactions Guide bond funds and trading in the stock fund broadly similar. But costs different. In general, bond funds do not charge subscription fees or purchase, and redemption rates are lower, such as a bond fund, in a period of 30 days, receiving 0.1% of the redemption fee; a period of more than 30 , to waive redemption fees.
(B)
1, a low-risk, low income. As bond yields stable, the risks are also smaller compared with equity funds, bond funds but low-risk rate of return is not high.
2, a lower cost. As bond investment management managing complex than equity investments, bond fund management fees are relatively low.
3, income stability. Invest in regular bonds have interest returns, due also committed to debt service, and therefore the bond proceeds fund more stable.
4, pay attention to current receipts. ABF mainly seeking more current fixed income, compared to equity funds in terms of the lack of value-added potential, in not too much more suitable for adventure, the current stability of income for investors.

Compared to direct investment in bonds, investors in bond funds have the following advantages:
1, low risk. Bond Fund by pooling investor funds for different bond portfolio investment, individual investors can effectively reduce direct investment in bonds may face some risks.
2, the experts operate. With the growing diversity of types of bonds, bonds to retail investors to invest not only to study carefully issuer entities, to determine interest rate movements and other macroeconomic indicators are often insufficient, and investment in bond funds can be shared experts operating results.
3, strong liquidity. If investors to invest in non-negotiable bonds. Only maturity can be fulfilled, and indirectly through the bond funds invest in bonds, you can access high mobility, can be held at any time of the bond funds transfer or redemption.

(C) Bond Fund investment strategy
1, make sure your investments are correct if you buy bonds for the purpose of the Fund is to increase the stability of combinations, or obtain higher returns than cash, such a strategy is feasible. If you think you will not buy bond funds losses, it needs to consider this. Bond funds also have risks, especially in raising interest rates environment. The time when interest rates are up, bond prices will decline, the bond funds so that you may be a negative return. Particularly in the country, the majority of bond funds hold many convertible bonds, and some investment in a small number of stocks, especially shares of convertible bonds price volatility will increase the uncertainty of the return.
2, know your bond fund holders in order to avoid what some investment mistakes, you need to know before buying a bond fund to hold what. For ordinary bonds, the two basic elements of the sensitivity of interest rates and credit quality. Change the prices of bonds and interest rate movements into inverse relationship. When interest rates rise, bond prices will decline. To know that bond prices change to the net asset value of bond funds for the change in interest rates sensitive to what extent, duration can be used as indicators to measure. The longer the duration, bond fund net asset value of the interest changes more sensitive.
3, understanding Bond Fund Bond Fund credit on their credit bond investment credit rating. Investors can fund prospectuses through a better understanding of the investment bond credit rating which limit the Fund's investment portfolio through a better understanding of a bond's credit rating. The combination of domestic bond funds, investors also need to understand their investment in convertible bonds and the ratio of stock. Fund holders of a relatively large number of convertible bonds, can improve profitability, but also enlarge the risk. Convertible bonds because the price of the underlying shares by the joint impact of fluctuations than ordinary bonds. In particular focus on a large number of convertible bonds funds, the rate of return by the stock and convertible bonds market may be far greater than the impact of the bond market.
4, concussion, the risk management tools in 2007 exacerbated the stock market shocks. Investors in the selection of the equity fund, will have greater volatility. In such a market situation, good liquidity, low risk and the rate of return higher than the savings rate of the bond funds, investors can reduce the risk. The current market bond funds in the assets of more than 80 per cent are from treasury bonds, financial bonds and high-grade corporate debt credit composed of basic credit risk does not exist. Interest rate risk in good control, the net value of bond funds decreased the risk of a very small, very stable income. Therefore it is a good alternative to bank deposits fiscal varieties have catered to the soundness of our financial income residents low-risk demand. Of course, bond funds are not purely investment bonds, it is not capital preservation, the same risk of loss. It is far less than the investment risks of stock funds. This year, many stock fund investors feel that the stock market dropped too risky, through the transfer of funds, the transfer of funds to bond funds. Trust Fund Trust Fund, also called investment funds, is a kind of "benefit-sharing, risk sharing" investment pool: that companies through contracts or in the form of funds by issuing vouchers (such as receipts vouchers, and the units and fund shares, etc.) , the community will be the majority investor uncertainty is not matching the funds together to form a certain amount of trust assets, the investment by the specialized agencies by portfolio investment diversification principle, the benefits funded by investors from sharing ratio, and undertake corresponding risk of a set investment trust system.
Trust Fund features:
1. Investment pool
2. Management experts, experts operation
3. Portfolio investment, diversify risk
4. Asset management and asset custody of phase separation
5. Benefit-sharing, sharing risks
6. To purely for the purpose of investment
7. Strong liquidity.
Warrants Fund

Warrants Fund (WarrantFunds): This type of fund to invest in warrants, warrants based on a highly leveraged, high-risk product characteristics, this type of fund than the fluctuation in stock funds as a
Index Fund

Index Fund is a price index compiled in accordance with the principle of the securities portfolio Construction of a securities investment fund. Theoretically speaking, the operation of the fund index method is simple, as long as each of the securities in accordance with the proportion of the index purchase the corresponding proportion of the securities, can be long-term holders.
For a purely passive managed index funds, fund turnover rate and transaction costs are relatively low. Management fees also tending to the smallest. This fund will not be certain of the securities industry or excessive investment funds. It generally will not invest to maintain full market speculation. Of course, not all index funds are in strict conformity with these characteristics. Different is the nature of index fund will adopt a different investment strategy. At present there are index funds-and, Pu-feng, Tianyuan three index funds, index funds have the characteristics of "enhancing the index fund."