Fund refers to the centralized distribution of investors' scattered funds by issuing fund units (or fund vouchers), entrusting them to professional custodians and managers, managing and acting on the funds, and investing in the fields of stocks, bonds, foreign exchange, currency, industry, etc., so as to minimize risks and gain income, thereby increasing capital. The capital appreciation part, that is, the income from fund investment, belongs to the investors who hold the funds and is managed professionally. \ x0d \ x0d \ The unit of shares is 1, and the unit of funds is "fund unit". When the Fund is first issued, its total fund amount is divided into several equal integer shares, each of which is a fund unit. For example, when the fund Jintai was issued, the total amount of the fund was 2 billion yuan, divided into 2 billion shares, each of which was a fund unit, representing the investment of investors 1 yuan. \ x0d \ x0d \ investment funds can be divided into open-end funds and closed-end funds. \ x0d \ x0d \ Open-end funds refer to investment funds with variable scale, and investors can buy and redeem fund shares at any time after the fund is established. \ x0d \ x0d \ Closed-end fund means that once a fund is established, the scale of the fund is fixed within the specified period, and the fund shares cannot be issued and redeemed. Investors can only trade the fund in the securities market. \x0d\\x0d\ At present, all funds listed on the Shanghai and Shenzhen stock exchanges in China are closed-end funds. In addition, according to different fund investments, funds can be divided into securities investment funds, money funds, foreign exchange funds, industrial funds and so on. \x0d\ 1。 Securities investment fund \x0d\ Securities investment fund is a fund that specializes in investing in the securities market. \ x0d \1March 1998, China promulgated the Interim Measures for the Administration of Convertible Corporate Bonds, which made detailed provisions on the initiation, establishment, offering and listing of securities investment funds. \x0d\ II。 Index fund \x0d\ Index fund is a kind of fund that constructs a portfolio for securities investment according to the principle of compiling securities price index. Theoretically speaking, the operation method of index fund is very simple, as long as you buy the corresponding proportion of securities according to the proportion of each securities in the index and hold it for a long time. \x0d\ For purely passively managed index funds, the capital turnover rate and transaction cost are relatively low. Management fees are often very small. Such funds will not invest too much money in certain securities or industries. Generally, full investment will be maintained, and there is no market speculation. Of course, not all index funds strictly meet these characteristics. Different index funds will also adopt different investment strategies. \x0d\ At present, there are three index funds, namely Xinghe, Pufeng and Tianyuan, which are "optimized index funds" with the characteristics of index funds. \x0d\ Fund refers to the way of issuing fund shares (or fund vouchers), which collects the scattered funds of investors and entrusts them to professional custodians and managers for fund custody, management and action, as well as investment in stocks, bonds, foreign exchange, currency, industry and other fields, so as to minimize risks and obtain income, thereby increasing capital. The capital appreciation part, that is, the fund investment income, belongs to the investors who hold the fund. \x0d\ The unit of share is 1 "copy", and the unit of fund is "fund unit". When the Fund is first issued, its total fund amount is divided into several equal integer shares, each of which is a fund unit. For example, when the fund Jintai was issued, the total amount of the fund was 2 billion yuan, divided into 2 billion shares, each of which was a fund unit, representing the investment of investors 1 yuan. \ x0d \ x0d \ investment funds can be divided into open-end funds and closed-end funds. \ x0d \ x0d \ Open-end funds refer to investment funds with variable scale, and investors can buy and redeem fund shares at any time after the fund is established. \x0d\ Closed-end fund means that once a fund is established, the scale of the fund is fixed within the specified period, and the fund shares cannot be issued and redeemed. Investors can only trade funds in the securities market. \x0d\\x0d\ At present, all funds listed on the Shanghai and Shenzhen stock exchanges in China are closed-end funds. In addition, according to different fund investments, funds can be divided into securities investment funds, money funds, foreign exchange funds, industrial funds and so on. \x0d\ 1。 Securities investment fund \x0d\ Securities investment fund is a fund that specializes in investing in the securities market. \ x0d \1March 1998, China promulgated the Interim Measures for the Administration of Convertible Corporate Bonds, which made detailed provisions on the initiation, establishment, offering and listing of securities investment funds.