As for margin financing and securities lending, there are no clear rules for Public Offering of Fund's participation, and the existing Public Offering of Fund in the market has not explained margin financing and securities lending in product design and contract terms. At present, domestic pilots only allow brokers to use their own securities to engage in margin financing and securities lending, and cannot borrow from other financial institutions. Therefore, in the initial stage of the development of margin financing and securities lending, it is very unlikely that Public Offering of Fund will participate in it. For stock index futures, the purpose of fund investment in stock index futures is hedging. According to the Provisions on Establishing the Investor Suitability System of Stock Index Futures, there is no obstacle for the Fund to participate in stock index futures. According to the provisions of the investment scope of most funds at present, although there is no mention of stock index futures, it lays a foundation for the investment of stock index futures. For example, "laws and regulations or regulatory agencies allow funds to invest in other varieties in the future, and fund managers can include them in the investment scope after performing appropriate procedures". Therefore, for the fund, in principle, as long as the consent of the competent authorities is obtained, it can participate.

1, measurement of benefits and risks

If the fund does not participate in stock index futures, it can make investors avoid the high risks that stock index futures may bring, but it also makes the investment fund lose the opportunity to obtain higher returns. In addition, from a sound point of view, Public Offering of Fund invests in stock index futures for hedging. If you can't participate in it, it also means that the fund has lost its hedging tools. Once the market falls, it can only passively bear systemic risks.

Of course, investors should pay more attention to buying funds that can use stock index futures when management participates in the issuance of stock index futures. After all, stock index futures is also a brand-new attempt for investment funds, and the investment management experience of fund managers and the risk control of derivatives have yet to be tested by the market. Therefore, if the holders want to participate in stock index futures through funds, they may wish to diversify their investments and spread their funds among multiple investment funds, so as to diversify the high risks that stock index futures trading may bring to investment funds.

2. Mature market conditions

Margin trading is also called credit trading, including margin trading and margin trading, which can also be understood as "long" and "short". In terms of "short selling", less than 300 of the more than 7,000 portfolios with the same fund in the United States have short positions, accounting for less than 5%, and most of them are innovation 130/30 funds. Traditionally, the same fund basically does not use margin financing and securities lending tools. * * * The goal of the same fund is to obtain relative returns, not absolute returns, and there is no need to hedge with margin financing and securities lending. Even during the financial crisis in 2008, international mutual funds rarely sold short, or even adjusted their positions by a small margin. Systemic risks were basically controlled by the allocation of industries and individual stocks.