The so-called futures, generally refers to the futures [1] contract, which is a standardized contract made by the futures exchange and agreed to deliver a certain amount of subject matter at a specific time and place in the future.

If the buyer of a futures contract holds the contract until the expiration date, he is obliged to purchase the subject matter corresponding to the futures contract; The seller of a futures contract is obliged to sell the subject matter corresponding to the futures contract if he holds the contract until the expiration date.

Fund is a narrow concept, which refers to funds with specific purposes and uses. Because the investors of government agencies and institutions do not require investment returns and investment recovery, but require funds to be used for designated purposes in accordance with the law or the wishes of the investors, funds are formed.

Securities investment fund is an indirect way of securities investment. By issuing fund shares, fund management companies concentrate investors' funds, which are managed by fund custodians (that is, qualified banks) and managed and used by fund managers to invest in financial instruments such as stocks and bonds, and then * * * bear the investment risks and share the benefits.