the fund investor is the owner of the fund, and all the surplus of the fund investment income after deducting the expenses borne by the fund belongs to the fund investor. "The characteristics of * * * sharing the interests and risks of securities investment funds * * *" comes from the simulated test of Subject 1 of the 221 fund qualification examination, and the options of this topic are; The benefit sharing of securities investment funds means that fund share holders, fund managers and fund custodians share the investment income of funds equally according to their contributions; The fund share holders, fund managers and fund custodians of all securities investment funds distribute income according to the proportion of fund shares; The risk * * * of a securities investment fund means that the investment losses of the fund are shared by the fund share holders, managers and custodians. According to the knowledge learned by the securities fund, the correct answer is that the fund investor is the owner of the fund, and the surplus of the fund investment income after deducting the expenses borne by the fund belongs to the fund investor.