1, ETF. Trading open-end index fund is a special type of open-end fund, which combines the advantages of closed-end fund and open-end fund. Investors can buy and sell ETF shares in the secondary market, or purchase or redeem ETF shares from fund management companies, but they must exchange a basket of stocks (or a small amount of cash) for fund shares or a basket of stocks (or a small amount of cash) for fund shares. Because there are both secondary market transactions and subscription and redemption mechanisms, investors can carry out arbitrage transactions when there is a difference between the transaction price in the ETF secondary market and the net value of the fund unit. The existence of arbitrage mechanism can make ETF avoid the common discount problem of closed-end funds. Investors can buy ETFs in two ways: after the securities market closes, they can buy from the fund manager according to the net value of the fund on that day (the same as ordinary open-end funds); It can also be purchased directly from other investors in the securities market. The purchase price is determined by both buyers and sellers, which is often different from the net value of the fund at that time (like ordinary closed-end funds).

2. Private equity funds. The "private fund" or "underground fund" often mentioned in the financial market is a kind of collective investment that is privately raised from specific investors, relative to the securities investment fund that is supervised by the competent department of China government and publicly issues beneficiary certificates to unspecified investors. There are basically two ways, one is a contractual collective investment fund based on signing the entrusted investment contract, and the other is a corporate collective investment fund based on * * * contributing shares to establish a joint-stock company.

3. Public offering of funds. Public Offering of Fund is a securities investment fund which is supervised by the competent government department and publicly issues beneficiary certificates to unspecified investors. Under the strict supervision of the law, these funds have industry norms such as information disclosure, profit distribution and operation restrictions. For example, at present, the closed-end funds in the domestic securities market belong to Public Offering of Fund. Public Offering of Fund and private equity funds have their own merits, and their healthy development is of vital significance to the development of financial markets. However, at present, only public offering funds are legally recognized, which is far from meeting the market demand.

4. Asset management. By asset management, you should mean the asset allocation of stock funds, hybrid funds, bond funds and monetary funds, right? As far as equity funds are concerned. A fund in which more than 60% of its assets are invested in stocks. At present, there are bond funds and money market funds besides stock funds in China. Bond funds refer to funds in which more than 80% of the fund assets are invested in bonds. In China, the main investment targets are government bonds, financial bonds and corporate bonds. Money market funds refer to funds that only invest in money market instruments. The assets of the Fund are mainly invested in short-term monetary instruments, such as treasury bills, commercial paper, bank time deposit certificates, government short-term bonds, corporate bonds, interbank deposits and other short-term securities. The yields of these three funds are: stock funds, bond funds and money market funds. However, from the perspective of risk coefficient, equity funds are much higher than the other two funds.

If you want to engage in the securities industry, you must first pass the examination of securities qualification certificate. /newcn/home/