Securities investment fund is a kind of collective securities investment model with * * * returns and * * risks, that is, investors' funds are pooled by issuing fund shares, managed by fund custodians, managed and used by fund managers, and invested in financial instruments such as stocks, bonds, foreign exchange and currencies to obtain investment returns and capital appreciation.

2. Fund classification

According to the way of raising funds: Public Offering of Fund and private equity funds.

According to the use of funds: (1) securities investment funds (2) venture funds (3) hedge funds.

3. Classification of securities investment funds?

According to whether the fund unit can be increased or redeemed, investment funds can be divided into open-end funds and closed-end funds;

According to different organizational forms, investment funds can be divided into corporate investment funds and contractual investment funds;

According to the different investment risks and returns, investment funds can be divided into growth investment funds, income investment funds and balanced investment funds;

According to different investors, investment funds can be divided into stock funds, bond funds, money market funds, mixed funds, futures funds, option funds, index funds and warrant funds.

According to the types of investment currencies, investment funds can be divided into dollar funds, yen funds and euro funds;

According to the different sources of funds and regions, investment funds can be divided into international funds, overseas funds, domestic funds, national funds and regional funds.

Explanation of fund terms:

Fund transaction terms:

1, fund establishment date

The fund establishment date refers to the date when the fund manager announces the establishment of the fund after the fund meets the establishment conditions.

2. Fund raising period

The fund raising period refers to the period from the announcement of the prospectus to the establishment date of the fund.

3. Term of the Fund

The duration of the fund refers to the duration after the successful issuance of the fund and a closed period.

4. Fund unit

Fund share refers to the certificate issued by the fund sponsors to unspecified investors, indicating that the holder enjoys the asset ownership, income distribution right and other related rights and assumes corresponding obligations to the fund.

5. Fund Open Day

The fund open day is a working day when you can go through a series of procedures such as opening an account, purchasing, redeeming, closing an account, reporting the loss and transferring money. For open-end funds, trading is not allowed on any working day. Therefore, it is stipulated that transactions should be conducted on certain working days every week, which are called open days.

6. Fund subscription

Fund subscription refers to the process of investors buying fund shares during the period of raising open-end funds and before the establishment of funds. Usually, the subscription price is the face value of the fund unit (1 yuan) plus certain sales expenses. Investors who subscribe for this fund shall fill in the subscription application form at the fund sales point and pay the subscription fee.

7. Fund subscription

Fund subscription means that investors open a fund account in a fund management company or a selected fund consignment agency and apply for purchasing fund shares according to the prescribed procedures. The number of subscribed fund shares is calculated on the basis of the net asset value of the fund shares on the subscription day, and the specific calculation method must meet the requirements of the relevant regulations of the regulatory authorities and be specified in the fund sales documents.

8. Transfer funds to the depository.

Transfer of funds to custody refers to the operation of the custodian institution that changes the fund share held by investors between different custody points (different sellers and cities or branches where the same seller cannot deposit or withdraw funds).

9. Fund conversion

Fund conversion means that after an investor holds any open-end fund issued by the company, he can directly and freely switch to other open-end funds managed by the company without redeeming the fund shares he has held before purchasing the target fund.

10, non-transaction transfer

Non-transaction transfer refers to the change of fund share holders due to inheritance, gift or judicial execution. Non-transaction fund transfer includes inheritance, donation and judicial execution.

Terminology of fund expenses

1, subscription fee

Subscription fee refers to the handling fee paid by investors when they purchase fund shares during the fund issuance and raising period. At present, the common calculation method of subscription fee in China is: subscription fee = subscription amount × subscription rate, net subscription amount = subscription amount-subscription fee; The subscription rate is usually around 1%, and there are corresponding discounts with the subscription amount.

2. Subscription fee

Subscription fee refers to the handling fee paid by investors when they purchase fund shares from fund managers after the fund is established and the fund is in the state of open subscription. China's "Pilot Measures for Securities Funds of Open-end Investment Funds" stipulates that open-end funds can charge subscription fees, but the subscription rate shall not exceed 5% of the subscription amount. At present, the subscription rate is usually around 1.5%, and there are corresponding discounts with the subscription amount.

3. Redemption fee

Fund redemption fee refers to the handling fee paid by investors who already hold fund shares to fund managers during the existence of open-end funds. According to the laws of our country, the redemption rate shall not exceed 3% of the redemption amount, and the redemption fee income stipulated by each fund may be different. Some regulations only deduct a small part of the handling fee, most of which will be owned by the fund; Some regulations treat all or most of them as handling fees, but none or only a small part as fund assets.

4. Great redemption

Huge redemption refers to when the net redemption amount of open-end funds (the balance after deducting the total number of redemption applications) exceeds 10% of the fund size. When there is a huge redemption, fund managers generally have two ways to deal with it:

Complete redemption

When the fund management company thinks that it has the ability to pay all the redemption applications of investors, it will follow the normal redemption procedures and will not affect the interests of investors.

Partial deferred redemption

If the fund management company thinks that it is difficult to pay investors' redemption applications, or it may cause the net asset value of the fund to fluctuate greatly, it may suspend the processing of the remaining redemption applications on the premise that the proportion of redemption accepted on that day is not less than 65,438+00% of the total fund share of the previous day.

5. Fund management fee

Fund management fee refers to the fee paid to the fund manager who actually uses the fund assets and provides professional services for the fund, that is, the fee charged by the manager for managing and operating the fund.

6. Fund custody fee

Fund custody fee refers to the fee charged by the fund custodian for providing services to the fund. Custody fees are usually drawn according to a certain proportion of the fund's net asset value, calculated and accumulated daily, and paid to the custodian monthly. This fee is also paid from the fund assets and does not need to be charged to investors separately.

7. Fund conversion fee

Refers to the fees that investors need to pay for switching investments between different open-end funds managed by the same fund management company according to the regulations of fund managers. The fund conversion fee can be calculated by rate method or quota method; When adopting the rate method, the calculation should be based on the net asset value of the fund unit, and the rate should not be higher than the subscription rate. Usually, this expense rate is very low, generally only a few tenths of a percent.

8. Fund operating expenses

Fund operating expenses refer to the expenses incurred in the process of fund operation, which are usually deducted from the fund assets, thus reducing the net value of the fund. The main operating expenses of the Fund include: fund management fee, fund custody fee, continuous sales method, securities transaction fee, fund information disclosure fee, accountant fee and attorney fee related to the Fund, and expenses for holding holders' meeting, etc., which can be included in accordance with relevant state regulations.