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What investment activities shall the fund property not be used for?
It is forbidden to use the fund property for the following investments or activities:

1, securities underwriting;

2. Lend money or provide guarantee to others;

3. Engage in investment with unlimited liability;

4. Buying and selling other fund shares;

5. Contribute to the fund manager or fund custodian or buy or sell stocks and bonds issued by the fund manager or fund custodian;

6. Buying and selling securities issued by shareholders who have control relations with fund managers and custodians, or companies with significant interests with fund managers and custodians, or securities underwritten during the underwriting period;

7. Engaging in insider trading, manipulating the price of securities trading and other unfair securities trading activities.

Fund form

First, open-end funds.

Open-endfunds (LOF) are called "Listened Open-end Fund" or "open-end funds" in English, "listed open-end funds" in Chinese and * * * mutual funds abroad. In other words, after the issuance of listed open-end funds, investors can purchase and redeem fund shares at designated outlets, or buy and sell funds on exchanges. However, if investors want to sell the fund shares purchased at designated outlets, they must go through certain transfer custody procedures; Similarly, if you want to redeem the fund shares you bought online on the exchange and redeem them at designated outlets, you must also go through certain transfer custody procedures. It is a fund with variable issuance, and the total number of fund shares (or units) can be increased or decreased at any time. Investors can purchase or redeem it at the business place designated by the fund manager according to the quotation of the fund. Compared with closed-end funds, open-end funds have the characteristics of unlimited issuance, transaction price based on net asset value, over-the-counter transaction and relatively low risk, which is especially suitable for small and medium-sized investors to invest.

Second, closed-end funds

1, a trust fund, refers to an investment fund with a fixed scale before issuance, fixed within a specified period after issuance and traded in the securities market.

2. Because closed-end funds are traded by bidding in securities trading, the transaction price is affected by the relationship between market supply and demand, which does not necessarily reflect the fund's net asset value, that is, the transaction price of closed-end funds has a premium and a discount relative to its net asset value. The practice of foreign closed-end funds shows that the transaction price often has the price fluctuation law of first premium and then discount. Judging from the operation of closed-end funds in China, no matter how the fundamental situation changes, the transaction price trend of closed-end funds in China has never deviated from the price fluctuation law of first premium and then discount.