. The three parties form a triangular relationship in the process of fund operation: fund share holders invest as entrusted fund managers.

, entrusted to the fund custodian for custody; The manager accepts the entrustment to manage the investment, supervises the trustee and accepts the supervision of the trustee; The custodian keeps the fund assets,

Execute the investment instructions, and at the same time,

Supervise the manager and accept the supervision of the manager. Therefore, the relationship between fund share holders and fund managers is the relationship between the principal, beneficiary and trustee; The relationship between fund holders and fund custodians is the relationship between principals and trustees; The relationship between fund managers and fund custodians is parallel entrustment and mutual supervision.