the holder is the beneficiary of the fund, which reflects the trust relationship.

because this relationship involves one or more principals (that is, beneficiaries) transferring their property rights to trustees (that is, fund managers), the trustees manage or dispose of the property in their own name for the benefit of beneficiaries or for specific purposes.

in fund investment, the beneficiary (i.e., the holder of enterprise fund investment) gives the funds to the fund manager (i.e., the trustee), and the fund manager invests in his own name, and the income generated is distributed to the beneficiary according to the agreement. This relationship conforms to the characteristics of trust legal arrangement, that is, the trustor transfers the property right to the trustee, and the trustee manages the property in his own name and distributes the income to the beneficiary according to the agreement.