The fund limits the subscription amount in order to control the fund size. The fund manager of the fund has limited ability to manipulate the fund. If he exceeds that ability, he may not reach the performance goal. Therefore, in order to control the scale of funds, he will limit the purchase amount when he exceeds or approaches his trading level to ensure the interests of investors.

The fund restricts investors from buying, possibly because:

1. The fund is prepared to pay dividends. If it buys in large quantities during the dividend period, it will dilute the income of the share holders, so buying is restricted. For example, the small and medium-sized fund of E Fund started on February 25th, 20021year, and the subscription was suspended because the fund had to pay dividends, and it was not opened until mid-April.

2. As the saying goes, it is not a good thing for a small boat to turn around and a large fund. Buying is restricted because fund managers want to control the scale. When the fund scale is too large, the fund manager did not find a suitable stock investment. In addition, when the stock market falls, the scale increases and investment is needed, which increases the difficulty of management.

3. The overheating of the fund leads to a large number of purchases, but when the fund falls, it will be redeemed in large quantities, which forces the fund manager to sell the stocks he holds. When fund managers sell stocks, the stock price will fall, which will lead to a decline in the net value of funds, forming a vicious circle.

According to different standards, securities investment funds can be divided into different types:

(1) According to whether the fund unit can be increased or redeemed, it can be divided into open-end funds and closed-end funds. Open-end funds are not traded on the market (as the case may be), but are purchased and redeemed by banks, brokers and fund companies, and the fund scale is not fixed; Closed-end funds have a fixed duration and are generally listed and traded on the stock exchange. Investors buy and sell fund shares through the secondary market.

(2) According to different organizational forms, it can be divided into corporate funds and contractual funds. A fund is established by issuing fund shares to establish an investment fund company, which is usually called a corporate fund; The establishment of fund managers, fund custodians and investors through fund contracts is usually called contractual funds. China's securities investment funds are all contractual funds.

(3) According to the different investment risks and returns, it can be divided into growth funds, income funds and balanced funds.

(4) According to different investors, it can be divided into bond funds, stock funds, money funds and hybrid funds.