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What does stock fund futures belong to?
stock

It is a certificate issued by a joint-stock company to prove the shares held by shareholders, and it is the form of company shares. Investors become the owners of the issuing company by buying shares, get operating income according to their shareholding shares and participate in major decision-making voting.

securities investment funds

It is a kind of collective securities investment with * * * returns and * * * risks, that is, through issuing fund shares, investors' funds are pooled, managed by fund custodians, managed and used by fund managers, and invested in financial instruments such as stocks and bonds.

future

The future in English is the future, which evolved from the word "future". It means that both parties to the transaction don't have to deliver the physical object at the initial stage of buying and selling, but agree to deliver the physical object at some time in the future, so China people call it "futures".

The original futures trading developed from spot forward trading. The initial spot forward transaction is a verbal commitment by both parties to deliver a certain amount of goods at a certain time. Later, with the expansion of the scope of transactions, oral promises were gradually replaced by sales contracts. This kind of contract behavior is becoming more and more complicated, and it needs intermediary guarantee to supervise the timely delivery and payment of goods, so the Royal Exchange, the world's first commodity forward contract exchange opened by 1570 in London, appeared. In order to adapt to the continuous development of commodity economy, Chicago Grain Exchange introduced a standardized agreement called "futures contract" at 1985, which replaced the old forward contract. With this standardized contract, manual trading can be carried out, and the margin system is gradually improved, so a futures market specializing in standardized contract trading has been formed, and futures has become an investment and financial management tool for investors.

The characteristics of futures are small and wide, short-selling, making money in both directions and high risk, so China is very cautious about the opening of futures trading. Futures speculation is very similar to the stock market, but there are also obvious differences.

First, large-cap stocks are traded in full, that is, you can only buy as many shares as you have, while the futures system is a margin system, that is, you only need to pay 5% to 10% of the turnover to trade 100%. For example, if an investor has 1 10,000 yuan, he can buy 1000 shares if he buys1000 yuan, and he can clinch a commodity futures contract with110,000 yuan by investing in futures, that is, taking small bets and making big ones.

Second, the two-way trading of stocks is one-way. Only by buying stocks first can you sell them. Futures can be bought or sold first, which is a two-way transaction.

Third, time limit There is no time limit for stock trading. If the quilt cover can be closed for a long time, and the futures must be delivered at maturity, otherwise the exchange will force the liquidation or physical delivery.

4. Profit and loss The actual income of stock investment has two parts, one is the market price difference, the other is the dividend, and the profit and loss of futures investment is the actual profit and loss in market transactions.

5. The futures with huge risks are characterized by high returns and high risks due to the implementation of the margin system, the additional margin system and the restriction of compulsory liquidation at maturity. In a sense, futures can make you rich overnight, or you may be penniless in an instant, so investors should invest carefully.

Compared with stocks and bonds, securities investment funds have the following differences:

1) Investors have different status. Shareholders are shareholders of the company and have the right to express their opinions on major decisions of the company; The bondholder is the creditor of the bond issuer and has the right to recover the due principal and interest; The fund unit holder is the beneficiary of the fund, which reflects the trust relationship.

(2) The degree of risk is different. Generally speaking, the risk of stocks is greater than that of funds. For small and medium-sized investors, due to the limitation of the total amount of disposable assets, they can only directly invest in a few stocks, which violates the investment taboo of "putting all the eggs in one basket". When the stock they invest in falls due to the stock market or the financial situation of the enterprise deteriorates, their capital may be wiped out; The basic principle of the fund is portfolio investment, risk diversification, and investment in securities with different maturities and types in different proportions to minimize risks. Under normal circumstances, the principal of the bond is guaranteed, the income is relatively fixed, and the risk is smaller than that of the fund.

(3) The income situation is different. The returns of funds and stocks are uncertain, while the returns of bonds are certain. In general, the fund's income is higher than that of bonds. Taking American investment funds as an example, the income growth rate of 25 kinds of funds, such as international investor funds, is 301976 ~1981.6% on average, among which the growth investor funds in the 20th century have the highest rate of 465% and the lowest rate of 243%. However, the interest rates of two kinds of five-year government bonds issued in China 1996 are only 13.06% and 8.8% respectively.

(4) Different investment methods. Unlike investors in stocks and bonds, securities investment funds are an indirect way of securities investment. Fund investors no longer directly participate in securities trading and bear investment risks, but experts are specifically responsible for the determination of investment direction and the choice of investment objects.

(5) Different price orientations. In the case of consistent macro-political and economic environment, the price of the fund is mainly determined by the net asset value; The main factor affecting bond prices is interest rate; The stock price is greatly influenced by the relationship between supply and demand.

(6) Different ways of investment recovery. Bond investment has a certain term, and the principal will be recovered after the maturity; Stock investment is uncertain. Unless the company goes bankrupt and liquidates, investors shall not recover their investment from the company. If they want to take it back, they can only realize it at the market price in the stock exchange market. Investment funds vary according to the form of funds held: closed-end funds have a certain term, after which investors can share the corresponding remaining assets according to their shares. It can also be realized in the closed-end trading market; Open-end funds generally have no term, but investors can ask the fund manager for redemption at any time.

Although several investment tools have the above differences. But there are also many connections between them:

Funds, stocks and bonds are all securities, and investments in them are all securities investments. The division of fund shares is similar to that of stocks: stocks are divided into "shares" and their total assets are calculated; Fund assets are divided into several "fund units", and investors share the value-added income of the fund according to the share of holding fund units. Contractual closed-end funds are similar to bonds, and the investment will be recovered once the contract expires. In addition, stocks and bonds are the investment targets of securities investment funds, and there are stock funds and bond funds specializing in stocks and bonds abroad.

Distinguish bonds from stocks, bonds from funds.

For our families or individuals, several common investment tools are bonds, stocks and funds. If you don't know their edges and corners, sometimes it is really difficult to distinguish who is superior and who is inferior, and it is also difficult to find the north when investing. After reading the comparison between bonds and stocks, bonds and funds, we can easily see that bonds are the most suitable investment tools, which are both safe and have considerable returns.