According to different organizational forms, futures funds can be divided into Public Offering of Fund, private equity funds and futures accounts managed by individuals.
Public offering of futures funds
Refers to a fund that is publicly issued within a limited period, that is, a futures investment fund in a narrow sense. It is a new type of fund that specializes in investing in futures, and its specific operation is similar to that of * * * with funds. In the United States, it refers to futures investment funds, usually organized in the form of corporate funds. Investors can buy shares in fund companies, just like buying shares in stocks or bonds, except that futures investment funds invest in futures and options contracts, not stocks and bonds.
Private placement futures fund
It refers to the way of private collection of funds accumulated by a limited number of investors. It often takes the form of limited partnership, and its partners mainly include general partners and limited partners. The general partner is the individual or organization that initiates the organization of the fund, and is also the manager who controls all the trading activities and daily affairs of the fund. Limited partners are investors who provide most of the funds for the fund, but they do not participate in the specific transactions and daily management activities of the fund, only collect the profits of the funds as agreed, and bear limited liability to the extent of their own capital contribution. The organizational structure of private futures funds is similar to that of public futures funds, but the difference lies in the source of funds and information disclosure.
Personal management account
Refers to an account opened in a deposit bank and managed by a futures trading consultant (CTA). Some large institutional investors, such as pension funds, public welfare funds, investment banks and insurance funds, often entrust some of their funds to an independent futures portfolio manager (CPO) for management. CPO plays an important role in designing, constructing and implementing the investment strategy of futures funds for institutional investors. Generally speaking, CPO can hire multiple CTA*** to operate this part of the funds and invest in futures, options or forward transactions.