As an important part of the industry, and also as a hot spot of financial innovation at present, related research and discussion emerge in an endless stream, and its scale is also developing at an alarming rate. The development of American futures funds fully shows that futures investment funds cater to the inherent laws of the development of the financial industry, adapt to the different investment and hedging needs of investors at all levels, show its vigorous vitality, and play an important role in promoting the integrity and healthy development of the American financial system. The development of modern financial system has the same law. From the development of American futures investment funds, we can get many inspirations for China to develop futures investment funds. (a) the development of futures investment funds is conducive to the effective use of the futures market by financial institutions to improve their risk management capabilities.
From the perspective of financial development, after China's entry into WTO, China's financial institutions and financial markets are facing enormous threats and competitive pressures. Developing financial derivatives market can improve the risk management ability of financial institutions and enhance their international competitiveness. The development of financial industry urgently needs futures trading, an advanced trading method. From the experience of foreign countries, institutional investors, regardless of investment banks, commercial banks, insurance companies and pension funds, make full use of the futures market to make investment portfolios, spread risks and improve returns, and have achieved good results from historical experience.
(2) The development of futures investment funds provides a so-called alternative investment channel different from traditional investment tools for ordinary investors.
Futures investment has distinct characteristics. Compared with stock and bond investment, short-selling mechanism can be adopted to make profits in the falling market. In addition, it also has the advantages of small capital occupation, low transaction cost and good market liquidity, which makes futures investment funds an attractive alternative investment channel different from stock and securities investment. On the one hand, there is a huge investment demand, on the other hand, there is a lack of available investment tools. In this case, the emergence of futures investment funds can solve this contradiction. What's more, from the experience of foreign countries, because of its low negative correlation with stock and bond investment, investing in futures investment funds can avoid the losses caused by the bear market in the stock market. China stock market has been running in the big bear market since June, 20001year, and many shareholders suffered heavy losses in the stock market decline. If futures funds can be launched to give investors one more choice, then at least investors will get a reasonable investment and risk diversification channel, which is of great positive significance.
(3) The development of futures investment funds is conducive to protecting the interests of small and medium-sized investors and guiding them to enter the futures market.
Futures investment is risky. In the futures market, statistics show that due to various unfavorable factors, most small and medium-sized investors often become victims of the market. Therefore, if there is no futures fund, many rational small and medium-sized investors will not set foot in the relatively complex and risky investment field of futures trading, so they cannot enjoy the advantages of futures trading. However, futures investment funds are not high-risk investment tools. Judging from the actual situation in the United States, as a separate investment tool, futures investment funds, on average, have almost the same risks and returns as typical securities funds, and some even perform well, achieving high returns that ordinary securities funds cannot achieve. Therefore, futures funds can effectively protect the interests of small and medium-sized investors and better serve them by concentrating financial resources and expert financial management, giving full play to the advantages of large capital investment and guiding them to enter the futures market.
(4) Selection of Public Offering of Fund, private equity fund and single account.
From the perspective of American futures investment funds, Public Offering of Fund is mainly chosen by small and medium-sized investors, while private equity funds are mainly used by some rich people and institutional investors, while pension funds, insurance funds, investment banks and other powerful large institutional investors will adopt the form of single account. Different investors adopt different fund forms, which is determined by the strength of investors and the characteristics of various funds. When setting up futures investment funds in China in the future, we may wish to consider the choice of these fund forms.