(i) depending on the mode of operation, it can be divided into closed and open funds
Closed funds are funds whose share is fixed for the duration of the fund's contract, and whose share may be traded on a legally established stock exchange, provided that the holder of the share of the fund may not apply for a way of operating the fund for ransom。
Open funds are defined as a form of fund operation in which the share of the fund is not fixed and may be requisitioned or redeemed at the time and place specified in the fund contract。
(ii) depending on the legal form, it can be divided into contractual and corporate funds
Contractual funds are based on their contracts and corporate funds are based on company charters. Corporate funds have corporate characteristics, while contractual funds only fulfil the rights and obligations of both parties under the fund contract。
Currently, our funds are all contractual。
(iii) depending on the target group of investments, they may be classified as equity funds, bond funds, money market funds, mixed funds, etc
Equities funds are those for which equities are the main object of investment. Over 60 per cent of the fund's assets are invested in equity funds。
Bond funds are mainly targeted at bonds. Over 80 per cent of the fund's assets are invested in bond funds。
Monetary market funds target investments in money market instruments. According to csrm classification criteria for the category of funds, only money market funds are invested in money market instruments。
Mixed funds are also targeted at equities, bonds, etc., with a view to achieving a balance between returns and risks through investments in different asset classes。
(iv) different investment objectives, divided into growth, income and balance funds
Growth-type funds are those that are based on the pursuit of capital value addition and that take less account of current income, targeting mainly equities with good growth potential。
Income-based funds are those that pursue a fundamental objective of stable recurrent income and are targeted primarily at stable income securities such as large-scale blue shares, corporate bonds and government bonds。
Balanced funds are types of funds that focus on both capital value added and current income。
Generally, growth-based funds have high risks and returns: income-based funds have low risks and low returns; balanced funds have risks and benefits between growth-based and income-based funds。
(v) depending on the investment concept, it can be divided into active and passive funds
Proactive funds are types of funds that seek to achieve performance beyond benchmark portfolios。
Unlike active funds, passive funds do not proactively seek performance beyond the market, but rather try to replicate the performance of the index. Passive funds typically select specific indicators for follow-up and are thus commonly referred to as index funds。
(vi) public and private funds, depending on how they are collected
Public fund-raising is a type of fund that can be publicly sold to the public。
Private fund-raising is a private fund that can only be collected and sold to specific investors。
Public fund-raising has the following characteristics: the share of the fund that can be distributed publicly to the general public and its promotion, the irregular nature of the fund's collection, the low level of investment requirements, the need for small and medium-sized investors to participate in compliance with the laws and regulations of the fund and the strict regulation of the regulatory authority。
Private equity funds cannot be publicly sold and promoted in comparison with public funds, the amount of investment is high, and the qualifications and number of investors are often subject to strict restrictions, such as united states laws requiring that the number of investors in private funds should not exceed 100 and that the net assets of each investor must exceed $1 million。
(vii) distinct sources of funding and use of the fund can be divided into inshore and offshore funds
Inshore funds are portfolio investment funds that raise funds in their home countries and invest in their securities markets。
Offshoring funds are defined as the share of a country's fpi fund issued in other countries and the funds raised are invested in equity investment funds in domestic or third-country securities markets。
(viii) special types of funds
(1) series funds. The series of funds, also known as umbrella funds, refers to a single fund contract shared by multiple funds, with sub-funds operating independently and a form of fund structure that can be converted among sub-fundso
(2) funds in funds. Funds in funds are those to which other equity investment funds are invested and whose portfolios consist of other funds. We do not currently have such a fund。
(3) guarantee the fund. Guaranteed funds are funds that operate through a certain policy of insured investment, while introducing a guarantee mechanism to ensure that the holder of the share of the fund is able to obtain an investment principal guarantee at the end of the period。
(4) the trading open index fund (etf) is linked to etf. While the etf originated in canada first, its development and maturity are mainly in the united states, where the etf generally uses a passive investment strategy to track a target market index and thus has the characteristics of an index fund。
Etf combines the operational characteristics of closed and open funds. Investors can buy and sell on the second level of the exchange, as in closed funds, and can buy and redeem as in open funds。
Our first etf was established at the end of 2004. As at the end of 2011, there were 37 etfs in the country, with a net asset value of rmb 77. 1 billion。
While general investors can buy and sell etfs on the exchange like closed funds, they are still unable to participate in etf investments for investors who are not involved in secondary stock market transactions. In this case, a fund known as the etf link fund, which invests most of its fund's assets in tracking indicators for the same target (referred to as “target etf”), closely tracking the indicator performance of the target, operating in an open mode, which can be purchased or redeemed in the presence, was created。
In accordance with the relevant guidance of the csrc, the assets of the etf link fund invested in the target etf must not be less than 90 per cent of the net assets of the fund。
(5) listed open funds (lof0 listed open funds) are open funds that can be purchased, redeemed or repurchased in an off-site market as well as in an exchange (on-site market) with a fund share and a fund share. It is an indigenous innovation in our portfolio investment fund。
Lof, combined with the marketing advantages of a network of marketing agencies and exchanges, such as banks, has opened new avenues for open fund sales. Lof shares obtained through the off-site and off-site markets are registered in the off-site and on-site systems, respectively, but the fund share can be converted from off-site and off-site markets through cross-system hosting (i. E. Cross-system transfer registration)。
Lof's pass-through mechanism and the system arrangement that allows for requisitioning and foreclosure on the exchange do not allow for substantial discounts on closed funds。
The difference between lof and etf:
The object of the requisition, foreclosure is different: lof is a transaction between the share of the fund and the cash; etf is a transaction between the share of the fund and the “one basket”。
The places where the requisitions were made and redeemed were different: etf through the exchange; lof at the distribution point。
The restrictions on requisitions and foreclosures are different: etf requires a larger amount of more than 500,000 copies; lof does not require special requirements for requisitions and foreclosures。
The fund's investment strategy is different: etf usually uses a purely reactive approach to management, targeting the proposed alignment of an index, while lof can either be active or passive。
Etf provides a net fund offer every 15 seconds for a net secondary market offer, while lof usually offers only one or several net fund offers per day。
6 qdii fund. Qdii funds are funds established in the territory of a state with the approval of its relevant authorities to invest in securities, bonds, etc., in offshore securities markets. It facilitates the participation of domestic investors in international market investments. The first qdii funds were launched in 2007。
Seven-level funds, also called structured funds. Classified funds are structured equity investment funds that divide the share of the fund into different sub-parts of the expected risk return through prior agreement on the allocation of the risk proceeds of the fund, and which may include part or all of the share in the trading。
Next to the fund's qualification examination, wish you good results
