Q: What is a securities investment fund?

A: Securities investment fund is an indirect way of securities investment. By issuing fund shares, fund management companies concentrate investors' funds, which are managed by fund custodians (that is, qualified banks) and managed and used by fund managers to invest in financial instruments such as stocks and bonds, and then * * * bear the investment risks and share the benefits. To put it bluntly, experts help you manage your money.

Q: What is a public offering fund? What is a private equity fund?

A: According to the different ways of raising funds, securities investment funds can be divided into Public Offering of Fund and private equity funds. Public offering fund refers to a securities investment fund that raises funds from public investors by public offering and invests in securities. It is open, realizable and highly standardized. Private placement fund refers to a securities investment fund that raises fund funds from specific investors in a non-public way and invests in securities. It is non-public, fund-raising, large investment, closed and unlisted.

Q: What is a listed fund? What is an unlisted fund?

A: According to whether it can be listed on the stock exchange, securities investment funds can be divided into listed funds and unlisted funds. Listed funds refer to securities investment funds whose fund shares are listed on the stock exchange. For example, transactional open-end index funds (ETFs), listed open-end funds (LOF) and closed-end funds. Unlisted funds refer to securities investment funds whose fund shares cannot be listed and traded on the stock exchange. Including realizable funds and non-negotiable funds. A realizable fund refers to a securities investment fund, such as an open-end fund, which can recover its investment through "redemption" although the fund is not listed on the stock exchange. Non-circulating funds refer to securities investment funds, such as some private equity funds, which can neither be publicly traded on the stock exchange nor redeemed to recover their investment.

Q: What is a closed-end fund? What is an open-end fund?

A: According to the different modes of operation, securities investment funds can be divided into closed-end funds and open-end funds. Closed-end securities investment fund, also known as fixed-investment securities investment fund, refers to a securities investment fund whose capital scale will not increase or decrease within a specified time (also known as "closed period") after a predetermined number of funds are issued. From the combination characteristics, it has important characteristics such as equity, creditor's rights and supervision. Open-end securities investment fund, also known as variable securities investment fund, refers to the securities investment fund in which the number of fund securities changes because investors issue new fund securities or redeem the principal. From the combination characteristics, it has important characteristics such as equity, deposit and flexibility.

Q: What is a corporate securities investment fund? What is a contractual securities investment fund?

A: According to different organizational forms, securities investment funds can be divided into corporate securities investment funds and contractual securities investment funds. Corporate securities investment fund, referred to as corporate fund for short, refers to a securities investment fund company (or similar legal person institution) established in accordance with the provisions of the company law (or commercial law) with legal personality and for profit; In terms of securities, it refers to securities investment fund securities issued by securities investment fund companies. Contractual securities investment fund, referred to as contractual fund. Organizationally, it refers to the securities investment fund organization formed by issuing fund securities with the nature of beneficiary certificates in accordance with the trust deed principle; Existing securities refer to securities investment fund securities issued by securities investment fund management companies as fund sponsors.

Q: What is a stock fund? What is a bond fund? What is a hybrid fund? What is a money market fund? What is a futures fund? What is an option fund? What is a warrant fund? What is QDII fund?

A: According to different investors, investment funds can be divided into stock funds, bond funds, mixed funds, money market funds, futures funds, option funds and warrant funds. Equity funds refer to investment funds that invest in stocks (the proportion of stock investment accounts for more than 60%); Bond funds refer to investment funds that invest in bonds (bond investment accounts for more than 80%); Hybrid fund means that the investment ratio of stocks and bonds is between the above two types of funds, which can be flexibly adjusted; Money market funds refer to investment funds that invest in short-term securities in the money market, such as treasury bills, negotiable certificates of deposit of large banks, commercial bills, corporate bonds, etc. Futures funds refer to investment funds that mainly invest in various futures varieties; Option fund refers to an investment fund that invests in stock options that can distribute dividends; Warrant fund refers to an investment fund with warrants as the investment object; QDII fund is a securities investment fund established in a country and approved by the relevant departments of the country to engage in securities investment business such as stocks and bonds in overseas capital markets. QDII is the abbreviation of qualified domestic institutional investor.

Q: What is growth funds? What is a value fund? What is a hybrid fund?

A: According to different investment styles, we divide stock funds into growth funds, value funds and hybrid funds. Growth stock fund refers to the fund that mainly invests in growth stocks with fast income growth and great future development potential; Value stock funds refer to funds that mainly invest in undervalued and safer stocks. The risk of value stock funds is lower than that of growth stock funds, and the risk of hybrid stock funds is somewhere in between.

Q: What is growth funds? What is an income fund? What is a balanced fund?

A: According to different investment objectives, securities investment funds can be divided into growth funds, income-oriented funds and balanced funds. Growth funds refers to a securities investment fund that aims at pursuing long-term appreciation and profitability of assets, thus investing in listed stocks or other securities with good growth potential. Income fund refers to a securities investment fund whose basic goal is to pursue high current returns and whose main investment target is securities that can bring stable returns. Balanced fund refers to a securities investment fund with the basic goal of ensuring capital security, current income distribution and long-term growth of capital income, and paying more attention to the combination of long-term and short-term income and risk in the portfolio.

Q: What is an active fund? What is a passive fund? What is an index fund?

A: According to different investment concepts, securities investment funds can be divided into active funds and passive (index) funds. Active fund is a kind of fund that tries to achieve performance beyond the benchmark portfolio. Unlike active funds, passive funds do not actively seek to outperform the market, but try to replicate the performance of the index. Passive funds generally choose a specific index as the tracking object, so they are often called index funds.

Q: What is an index fund?

A: Index fund is a kind of fund that can grow with the market on the principle of fitting the target index and tracking the change of the target index. The investment of index funds adopts the investment strategy of fitting the target index return rate, and invests in the constituent stocks of the target index in a diversified way, so that the stock portfolio return rate fits the average return rate of the capital market represented by the target index.

Q: What is an index-enhanced fund?

A: Index-enhanced funds are not pure index funds. It refers to the fund's attempt to obtain investment returns beyond the index in the process of indexation investment. On the basis of passively tracking the index, it adds enhanced active investment means and makes appropriate adjustments to the investment portfolio to control risks and obtain positive market returns.

Q: What is a dollar fund? What is a Japanese yen fund? What is a European fund?

A: According to the types of investment currencies, investment funds can be divided into dollar funds, yen funds and euro funds. Dollar funds refer to investment funds that invest in the dollar market; Japanese yen fund refers to an investment fund that invests in the Japanese yen market; Euro fund refers to an investment fund that invests in the euro market.

Q: What is an onshore fund? What is an offshore fund? What is an international fund? What is a regional fund?

A: According to the different sources and uses of funds, securities investment funds can be divided into onshore funds, offshore funds, international funds and regional funds. Onshore funds refer to securities investment funds that raise funds in China and invest in the domestic securities market. Overseas fund refers to a securities investment fund in which a country's securities investment fund sells its share of securities investment funds in other countries and invests the raised funds in its own or third country's securities market, such as QFII. International funds refer to investment funds whose capital comes from China and invests in foreign markets, such as QDII. Regional funds refer to investment funds that invest in specific fields.

Q: What is a hedge fund? What is an arbitrage fund? What is a fund in a fund? What is FOF? What is an umbrella fund? What is a capital preservation fund?

A: These are some special types of funds. Hedge fund refers to a securities investment fund that raises funds through private placement, uses leveraged financing, and gains income by investing in publicly traded securities and financial derivatives. Arbitrage fund, also known as arbitrage fund, refers to a securities investment fund that mainly invests the raised funds in the international financial market and uses arbitrage skills to buy low and sell high to obtain income. Funds in funds (FOF). As the name implies, the investment target of such funds is funds, so it is also called portfolio funds. After the fund company collects the clients' funds, it reinvests them in its own or other fund companies' funds with the most value-added potential to form a portfolio. Umbrella fund Umbrella funds are also called series funds. Umbrella fund consists of a group of sub-funds invested in different targets, and manages each sub-fund. As long as you invest in any sub-fund, you can switch to another sub-fund at will without extra cost. Capital preservation fund Capital preservation fund refers to a securities investment fund that uses portfolio insurance technology to ensure that investors can get at least the investment principal or a certain return when the investment expires. The investment goal of the capital preservation fund is to lock down the downside risks and strive for potential high returns.

Q: What is a publicly traded open-end fund? What is a contractual open-end fund?

Answer: According to whether it can be listed on the stock exchange, open-end funds can be divided into listed open-end funds and contractual open-end funds. Listed and traded open-end funds refer to securities investment funds whose fund shares are listed and traded on the stock exchange, and both sides of the fund are investors. For example, transactional open-end index funds (ETFs) and listed open-end funds (LOF). Contractual open-end fund refers to the securities investment fund whose fund share cannot be listed and traded on the stock exchange. Although such funds cannot be listed on the stock exchange, they can be traded through "subscription" and "redemption", and the trading parties of such funds are investors and fund companies.

Q: What is a replication fund?

A: Replication fund is a free translation of English Clone Fund, and it can also be literally translated into clone fund. Copying funds is very common in foreign countries, which can be divided into two forms: one is to copy the market performance of the target fund through derivative products, and the other is to copy the investment strategy. The former is mainly used when it is impossible to directly invest in the target fund due to various reasons such as supervision. For example, there is a restriction that Canadian investors cannot invest in overseas funds for their pensions. If Canadian investors want to have more S&P 500 index funds, they can bypass this restriction by investing in S&P 500 index replication funds. The latter is mainly used to copy the successful fund products of the company. When a fund is quite successful-large scale and high net worth, foreign fund management companies often copy this fund in order to better protect the interests of investors and facilitate the management and operation of fund managers. This kind of replicated funds are generally managed by the same fund manager, and their investment direction, investment objectives, investment policies, investment strategies, risk preferences and operation methods are exactly the same. , and similar performance.

Q: What is a closed period? How long is the closure period?

A: Closed period refers to the time when the fund manager can't accept the subscription, redemption and other businesses within the time limit stipulated in the fund contract and prospectus at the initial stage of the establishment of an open-end fund. According to the regulations, the maximum closure period shall not exceed 3 months.

Q: What is an open day? (What is the fund open day? )

A: Open days refer to the working days when investors apply for and redeem funds. In China, generally speaking, the trading day of the stock exchange is the open day of open-end funds.

Q: What are the conditions for the establishment of the fund? What are the conditions for setting up a fund? )

A: According to the Interim Measures for the Management of Open-end Funds, the conditions for the establishment of open-end funds are as follows: ① The net sales during the establishment period exceeded 200 million yuan; (2) During the establishment period, the minimum number of subscribers reached 65,438+000. When the fund meets the conditions for the establishment of the fund, the fund manager can announce the establishment of the fund, and formally transfer the fund shares subscribed by customers into the fund account opened by him from the date of establishment.

Q: What is fund opening? What is a position? Empty positions? Half warehouse? Man Cang?

A: Opening a position means that the fund manager buys stocks. Position is a capital term, that is, the approximate ratio of the value represented by virtual assets in hand to the total value represented by virtual assets and cash assets. This is a rough figure, so it doesn't need to be calculated clearly. The so-called position level refers to the percentage of the value represented by virtual assets in the hands of investors to the total value represented by virtual assets and cash assets. Man Cang 100%, half warehouse 50%, empty warehouse 0%. The so-called virtual assets refer to stocks, funds and futures, and do not represent practical significance.

What is floor trading? What is OTC?

A: The so-called market refers to the stock market. On-site trading refers to the use of stock accounts to buy and sell closed-end funds, ETFs or LOF funds in the stock market. Over-the-counter trading is the open-end fund trading that we usually do in distribution channels, such as buying and selling funds in silver-based Tongli. In other words: On-site refers to the subscription through the stock exchange system, and off-site refers to the subscription through the banking system.

Q: What is fund replication?

A: Fund replication is to set up a new fund in the form of an old fund. The operation of the old fund has been recognized by investors, but its unit net value is already high and the fund scale is not small. Continued subscription may dilute the income of old investors, and new investors are discouraged from high net worth. Fund replication solves this problem. However, due to the different timing of the new and old funds, whether the old funds can achieve excellent performance also needs the cooperation of timing.

Q: What is a fund split?

A: Fund splitting is to split a fund with higher net worth into several funds with lower net worth. After the fund is split, the original portfolio remains unchanged, the fund manager remains unchanged, the fund share increases, and the net value of unit share decreases. The split of gold shares can reduce the net value of fund shares by directly adjusting the number of fund shares, without affecting the realized income, unrealized income and paid-in fund.

What is a fund index? What is the Shanghai Stock Exchange Fund Index? What is a deep evidence into a finger?

In order to reflect the comprehensive changes in the fund market, both Shenzhen Stock Exchange and Shanghai Stock Exchange compile fund indexes based on the existing securities investment funds. (1) Shenzhen Stock Exchange: On July 3, 2000, Shenzhen Stock Exchange terminated the compilation and release of the original Shenzhen Stock Exchange Index (code: 399304) with old funds as samples, and at the same time launched a new fund index with securities investment funds as samples, named Shenzhen Stock Exchange Index (code: 399305). The index of Shenzhen Stock Exchange Index is calculated by Paige weighted comprehensive index method, and the weight is the total issuance scale of each securities investment fund. The benchmark date of the Fund's index is June 30, 2000, and the benchmark date index is 1000 points. (II) SSE Fund Index: The sample range of SSE Fund Index is the securities investment funds listed on the Shanghai Stock Exchange. The Shanghai Stock Exchange Fund Index will be released in real time through the market database, just like the existing index. The code of Shanghai Stock Exchange Fund Index in the market database is 0000 1 1, referred to as "Fund Index" for short.

Q: What is extrapolation? What is the "internal deduction method"? What's the difference between "external buckle method" and "internal buckle method"?

A: Both the "external deduction method" and the "internal deduction method" are calculation methods for calculating the subscription fee and subscription share of the fund, and their calculation formulas are different. The specific calculation formula of "external deduction method" is as follows: net subscription amount = subscription amount /( 1+ subscription rate); Subscription fee = subscription amount-net subscription amount; Subscription share = net subscription amount/net fund share on the subscription day. The "internal deduction method" has been used before, and its calculation formula is: subscription fee = subscription amount × subscription rate; Net subscription amount = subscription amount-subscription fee; Subscription share = net subscription amount on T day/net fund share ".

Q: What is a rat barn?

A: A rat warehouse means that the banker uses his own personal funds (heads of institutions, traders and their relatives, related households) to open a warehouse at a low level before raising the stock price with public funds. After the public funds are raised to a high level, the individual positions are sold first for profit. Of course, the last loss is public funds.

Q: What is capital settlement?

A: The so-called fund liquidation means realizing all fund assets and distributing the proceeds to the holders. "Liquidation is liquidation, and the sale of high-quality assets is different from the delisting of listed companies." The fund is liquidated, and the good liquid assets are still there, so the holders need not worry too much. If the net value of the fund is higher than the net value originally purchased by the holder at the time of liquidation, the interests of the holder will not be harmed. However, it should be noted that if the net fund value at the time of liquidation is lower than the original subscription value of the holder, the net fund value will continue to shrink in the case of market downturn. Coupled with the liquidation of equity funds and the realization of shares held, there are still problems such as impact costs, and the actual losses faced by holders are inevitable.

Q: Under what circumstances will the foundation be liquidated?

A: According to the relevant laws and regulations of China's funds, if the net asset value of the fund is less than 50 million yuan for 60 consecutive days, or the number of fund share holders is less than 65,438+000 for 60 consecutive days, the fund manager has the right to announce the termination of the fund after being approved by the China Securities Regulatory Commission.

Q: What is the Sharp ratio?

A: The higher net growth rate of the fund may be achieved under the condition of bearing higher risks, so it is not comprehensive to evaluate the performance of the fund only according to the net growth rate. To measure the performance of the fund, the income and risk must be taken into account. Sharp ratio is an index that can comprehensively consider income and risk. Sharp ratio, also known as Sharp Index, was first put forward by Nobel Prize winner william sharpe in 1966, and now it has become the most commonly used standardized index to measure fund performance in the world. The bigger the sharp ratio, the better.

Q: How is the Sharp ratio calculated?

A: The calculation of Sharp ratio is very simple. The average value of the fund's net growth rate MINUS the risk-free interest rate and then divided by the standard deviation of the fund's net growth rate can get the sharp ratio of the fund. It reflects the extent to which the net growth rate of unit venture fund exceeds the risk-free rate of return. If the Sharp ratio is positive, it means that the average net growth rate of the fund during the measurement period exceeds the risk-free interest rate. In the case that the interest rate of bank deposits in the same period is risk-free interest rate, it means that investment funds are superior to bank deposits. The greater the Sharp ratio, the higher the risk return of fund unit risk.

Q: What is the theoretical basis of Sharp ratio?

A: The theoretical basis for ranking fund performance by Sharp ratio is that investors can borrow at risk-free interest rates. In this way, by determining the appropriate financing ratio, under the same risk, funds with high Sharp ratio can always get higher investment income than funds with low Sharp ratio. For example, if there are two funds A and B, the average annual net growth rate of Fund A is 20%, the standard deviation is 10%, the average annual net growth rate of Fund B is 15%, the standard deviation is 5%, and the average annual risk-free interest rate is 5%, then the Sharp ratios of Fund A and Fund B are 1.5 and 2, respectively. Then the standard deviation of B will increase by 1 times, reaching the same level as A, but the net growth rate of B is equal to 25% (that is, 2 * 15%). More commonly used are monthly Sharp ratio and annual Sharp ratio.

About fund account (about fund account number) (about fund account number) (about fund account number)

Q: What is a fund account?

A: Fund accounts are divided into fund trading accounts and fund TA accounts. Generally speaking, the fund account (fund account number) refers to the fund TA account.

Q: What is a fund trading account?

A: The fund trading account is an account set up by the bank for investors to conduct fund trading in the bank. Investors handling fund business through bank agency outlets must first open a fund trading account. This account is used to record investors' fund trading activities and their fund shares.

Q: What is a fund TA account?

A: The fund TA account is the fund account number of a fund management company held by investors. It is the abbreviation of TRANSFER AGENT, which is mainly used to record investors' fund accounts.

Q: What is the difference between a fund trading account and a fund TA account?

A: The "TA account" refers to the account set up by the registration institution for investors to manage and record the variety and quantity changes of investors' funds. No matter what channel investors handle it, it is recorded under this account. "Trading account" is an account opened by fund sales organizations (including direct selling and consignment agencies) for investors, which is used to manage and record the changes in the types and quantity of funds traded by investors in the sales organizations. For example, if an investor buys funds from different companies in the same bank, there will be TA accounts of several fund companies, but only the trading account of this bank; On the other hand, if investors buy funds of the same company in different banks, there will be multiple trading accounts, but there will always be only one TA account. So we can say that the trading account is related to the bank, and the TA account is related to the fund company.

Q: What is a registered fund account?

A: After opening a fund TA account, investors need to register their own fund TA account first if they need to handle fund business in other sales organizations other than the one that opened the fund TA account. In other words, registering a fund account number is a procedure that investors must go through when they open a fund TA account in a sales organization and want to handle fund business in another sales organization.

Q: Can customers who have not opened a fund account register for a fund account?

A: Customers who have not opened a capital account cannot register a capital account, but they can open a capital account directly.

Q: What is important account information?

A: Important account information refers to: the name, certificate type and certificate number of individual investors; The institutional name, certificate type and certificate number of the institutional investor.

Q: How to modify important account information?

A: If investors want to modify important account information, they must go to the original account opening branch.

Q: What is other account information?

Answer: Other account information other than important account information such as address and postal code is called other account information.

Q: Can individual investors entrust others to modify important account information?

A: No, individual investors may not entrust others to change the information in the fund account.