China Securities Investment Fund finally chose the contractual legal system. The fund company is the manager. The shares issued by the fund are beneficiary certificates, and the holders of the fund shares are customers. All these arrangements seem reasonable today. In fact, in addition, there is also the legal system of company funds.

Corporate fund itself is a legal person, which can issue shares, and both fund managers and investors hold their shares. Many industrial investment funds we can see today are corporate funds. In China, there are probably no corporate securities investment funds. However, in the United States, there are many corporate securities investment funds.

From the perspective of reflexivity, contractual funds do not have reflexivity. Because when customers subscribe for fund shares, they are only priced at the net value. In other words, only the stocks, bonds and cash held by the fund are priced, and the brand, reputation and historical performance of the fund itself, as well as the investment and research team, front and back offices, intangible assets and other resources of the fund company are not priced. Whether they add value or destroy value, they are ignored.