Legal analysis: The rights and obligations of fund managers, fund custodians and fund share holders are stipulated in the fund contract according to this Law. Fund managers and fund custodians shall perform their fiduciary duties in accordance with this Law and the provisions of fund contracts. Fund share holders of funds established through public offering (hereinafter referred to as Public Offering of Fund) shall enjoy benefits and bear risks according to their fund shares, and the income distribution and risk bearing of funds established through non-public offering (hereinafter referred to as non-public offering funds) shall be stipulated in the fund contract.

Legal basis: People's Republic of China (PRC) Securities Investment Fund Law.

Article 2 This Law is applicable to securities investment funds (hereinafter referred to as funds) established in People's Republic of China (PRC) through public offering or private placement, which are managed by fund managers and managed by fund custodians, and conduct securities investment activities for the benefit of fund share holders; Where there are no provisions in this Law, the provisions of People's Republic of China (PRC) Trust Law, People's Republic of China (PRC) Securities Law and other relevant laws and administrative regulations shall apply.

Article 3 The rights and obligations of fund managers, fund custodians and fund share holders shall be stipulated in the fund contract in accordance with this Law. Fund managers and fund custodians shall perform their fiduciary duties in accordance with this Law and the provisions of fund contracts. Fund share holders of funds established through public offering (hereinafter referred to as Public Offering of Fund) shall enjoy benefits and bear risks according to their fund shares, and the income distribution and risk bearing of funds established through non-public offering (hereinafter referred to as non-public offering funds) shall be stipulated in the fund contract.