Investment fund is a collective investment system with both benefits and risks. Securities investment funds raise funds by issuing certificates to the public and use the funds for securities investment. The vouchers issued to the public are called fund vouchers, also known as fund shares or fund units.

Whoever holds the certificate will enjoy the right of asset ownership, income distribution, surplus property disposal and other related rights to the fund, and assume corresponding obligations.

2. What are the characteristics of investment funds?

First, it integrates many scattered small funds into a whole; Second, entrusting experts with rich knowledge and experience in securities investment management can save transaction costs and improve investment returns; The third is to diversify investment and reduce investment risks through portfolio.

3. What are the types of investment funds?

There are many kinds of investment funds, which can be divided according to different standards. According to the organizational form, it can be divided into contract fund and company fund; According to whether the beneficiary certificate can be redeemed, it can be divided into closed-end funds and open-end funds; According to the investment industry, it can be divided into securities investment funds and industrial investment funds.

4. What is a contractual investment fund?

Contractual investment funds are established according to the trust law, that is, the trustor, the trustee and the beneficiary conclude a trust investment contract, the fund manager company uses the trust property according to the contract, the trustee (trust company or bank) is responsible for keeping the trust property, and the investment results are enjoyed by the investor (beneficiary).

5. What is an enterprise fund?

The company fund is an investment fund established according to the company law. Investors buy shares of the company and become shareholders. The directors and supervisors are elected by the shareholders' meeting, and then the directors and supervisors vote to designate an investment management company to manage the company's assets. The sales of such fund shares are generally entrusted to specialized underwriting companies.

6. What is an open-end fund?

Open-end fund is a fund with variable issuance amount, and the total number of fund shares (units) can be increased or decreased at any time. Investors can purchase or redeem at the business place designated by the fund manager according to the fund quotation.

7. What is a closed-end fund?

The total amount of closed-end funds is determined in advance, and the total number of fund shares (shares) remains unchanged during the closed-end period. After the issuance, it can be listed and traded, and investors can buy and sell fund shares (units) through securities companies.

8. Why is the risk of investment funds relatively small?

This is because:

(1), investment funds are operated by professionals. These professionals have professional knowledge and technical means, rich experience, and can operate rationally, thus reducing investment risks.

(2) There are a series of rules and regulations within the investment fund management institutions, which can effectively regulate internal operations and reduce operational risks.

(3) The state has a series of laws and regulations on securities investment funds, which have specific provisions on the issuance, listing, custody, management, income distribution and investment ratio of funds, effectively protecting the interests of investors and preventing risks.

9. What is the significance of developing securities investment funds?

At present, the development of securities investment funds in China is of great significance, mainly in:

First, it is conducive to the majority of small and medium-sized investors to invest in the securities market, especially the stock market. Small and medium-sized investors usually invest in their spare time, and the amount of funds is small, so they are not as good as professional investors in information, technology, experience and professional knowledge. If you invest through securities investment funds, you can take advantage of the advantages of professional investment institutions in the above aspects, which is not only convenient for investment, but also relatively stable in income.

Second, it is conducive to the stability of the securities market. A mature securities market should be dominated by institutional investors, rather than small and medium investors. Through the development of securities investment funds, the scattered funds of small and medium-sized investors can be transformed into large funds held by specialized institutions. However, large institutional investors are familiar with business, experienced and able to invest rationally, so they can reduce speculation and contribute to the stability of the securities market.

The third is to promote the development of the securities market. The development of the securities market should be standardized and expanded. Expanding the scale requires more funds to enter the securities market. By issuing funds, many funds that cannot be invested in the securities market can enter the securities market, thus supporting the scale of the securities market.

10. What are the trading rules of investment funds? What is the charge?

The principle of determining the opening price of fund transactions is the same as that of A shares, and the call auction is implemented. Fund transactions and stock transactions are settled at "T+ 1"; The Shanghai Stock Exchange also stressed that fund transactions also implement a comprehensive designated trading system, and those who purchase funds with fund accounts must also complete designated transactions in advance. In addition to the first day of listing, the 10% price limit also applies to the transactions of the two funds. The minimum unit of fund transaction is 100 fund unit, and those exceeding 100 must be an integer multiple of 100. The declared price of fund transactions is based on 1 par value of fund shares, and the lowest declared price of fund transactions is based on 1 par value of fund shares, with the minimum change price of 0.0 1 yuan. When the fund rises or falls more than 7% on the same day and enters the top five stocks, the two exchanges will publish the list of the top five securities business departments on the Internet.

With regard to transaction fees, the two exchanges also have regulations that investors do not charge commission fees for buying and selling funds, but investors only need to pay the transaction commission, which is 0.25% of the transaction amount, and those less than 5 yuan will be charged according to 5 yuan.

The Shanghai Stock Exchange also stipulates that investors' capital accounts can only be used for buying and selling securities investment funds and listed government bonds established according to the Interim Measures for the Administration of Securities Investment Funds and approved by the China Securities Regulatory Commission.