Fund is a kind of collective securities investment, which has * * * income and * * risk. By issuing fund shares, investors' funds are managed centrally by fund custodians, and fund managers manage and use funds to invest in financial instruments such as stocks, bonds, foreign exchange and currencies, so as to obtain investment income and capital appreciation.

The fund custodian is the representative of investors' rights and interests, and is the nominal holder or management institution of fund assets. In order to ensure the safety of fund assets, the Fund shall operate according to the principle of separation of asset management and custody, and the fund assets shall be kept by special fund custodians. Fund custodians are usually powerful commercial banks or trust and investment companies.