First, the basic knowledge of open-end funds

1, what is the securities investment fund?

According to China's "Interim Measures for the Administration of Securities Investment Funds," the securities investment fund refers to a collection of securities with a shared interest and a shared risk. That is, through the issuance of fund units and the concentration of investors' funds, the fund is managed by the fund trustee, Fund managers (ie, fund management companies) unified management and use of funds, engaging in stocks, bonds and other financial instruments, and investment income according to the proportion of fund investors to invest an indirect way of investment. In short, a securities investment fund is an investment tool that brings together many small pieces of money to make big money for experts or professional institutions to invest in equities and bonds and other securities for profit.

2, what is a closed-end fund? What is an open-end fund?

The Fund is free to purchase, redemption as a symbol, securities investment funds can be divided into open-end funds and closed-end funds.

Fund Type Issued Total Exchange Place Price

Closed-end funds to determine, unless there is a special case of stock exchange and other issues determined by the supply and demand

Open-end funds are not fixed, changes with the purchase and redemption Fund companies such as the net value of banks plus transaction costs

3, the main advantages of open-end funds?

First of all, open-end funds have all the advantages of securities investment funds, including:

(1) scale advantage

Investment funds can be scattered funds together to become a scale of funds, by professional managers invest in various financial instruments, so that investors can also enjoy the small amount of funds portfolio investment benefits, while also through the scale of investment can also make Investors enter the area of ​​investment that small investors can not enter, such as buying and selling government bonds in the interbank market.

(2) The advantages of decentralized investment risk

Investing in a combination of science to reduce risk and improve returns is another major feature of the fund. There is an investment in proverb: "Do not put all the eggs in a basket." An analysis of investment experience also shows that at least a minimum of 30 stocks must be held to at least decentralize investment. However, the limited funds of individual investors can only invest in certain types of securities. Investors may corrode the performance of certain types of securities they invest in. The funds, on the other hand, have strong capital to invest in diversified securities. Portfolio investment, rather than because of a few kinds of securities losses caused by losing the case all lose.

(3) the advantages of expert management

The fund implements the expert management system. The fund management company researcher and fund manager, after these professional investment trainings, has rich experience in financial theory, securities research and large capital investment, has established a wide range of information channels and has made great efforts in macroeconomic, Industry development, the company's operating conditions and the trend of the market to conduct a special analysis, the variety of the financial market price movements can make more accurate forecasts, to maximize the avoidance of mistakes in investment decisions and improve the success rate of investment. For those small and medium-sized investors who have no time or are unfamiliar with the market and do not have the ability to devote themselves to making investment decisions, investing in funds can in fact gain access to experts in terms of market information, investment experience, financial knowledge and operational skills Have the advantage, from the surface as far as possible to avoid the failure of blind investment.

Second, as an open-end fund, it also has its own unique advantages.

(1) the price is determined by the net, liquidity, free to purchase, redemption. Open-end fund subscription, redemption price to the unit net asset value plus or minus a certain fee calculated. Investors need funds, the fund management companies can request redemption, the price is not affected by the market supply and demand. To put it in a nutshell, how much money an open-ended fund can buy or sell?

(2) good liquidity. In an open-ended fund, the counterparty to the investor's dealings is the fund manager, which means the investor buys from the fund manager or the fund manager. This is not the same as buying or selling a stock in general. Therefore, under normal circumstances, investors do not have to buy into or sell out of the situation.

(3) High transparency. Open-ended funds generally publish their daily net asset value and disclose the relevant information of the fund as required so that investors can keep abreast of the operation of the fund.

(4) strong incentive constraints. Investors' redemption activities form a good incentive and restraint mechanism, which can prompt fund managers to work hard to improve the performance of investment management and perfect customer service. Otherwise large redemptions of investors will lead to the decrease of fund assets scale.

4, why open-end funds is an investment species rather than speculative varieties?

The trading price of open-end funds is determined by the net asset value of their unit funds, regardless of market supply and demand. Therefore, the price traded by investors is consistent with the value actually represented by the fund. In addition, open-end funds are diversified and the volatility of the fund's net worth is smaller than that of stocks, making it harder for investors to make profits through short-term trading. So we say that an open-ended fund is a species of investment rather than a speculative one.

5, What are the risks of open-end funds?

There are two main types of risks to investing in open-end funds:

(1) Market risk

Open-end funds invest in stocks and bonds, and the volatility of the prices of stocks and bonds will directly affect the changes in the net value of open-end funds. Therefore, open-end funds also have market risks.

(2) Liquidity risk. Any kind of investment instrument has liquidity risk, that is, investors face cash realization difficulties when they need cash and the risk that they can not be realized at appropriate price. However, the liquidity risk of open-end funds and other investment vehicles is not the same. Because fund managers must normally assume redemption obligations on the basis of the net asset value of the fund, the investor does not exist because of the liquidity risk of not finding a buyer at an appropriate price. However, when the open-end fund faces a large or large amount of redemption Back, due to more concentrated securities held by the Fund or the market as a whole lack of liquidity, the Fund realizes assets, resulting in net loss is the liquidity risk of open-end funds.

6, invest in open-end fund safe?

As can be seen from the operation mode of our country's funds, the fund is a very safe way of investment. The assets invested by the investors in the fund are supervised and guaranteed in various aspects.

(1) the protection of laws and regulations. The State Council and China Securities Regulatory Commission promulgated the Interim Measures for the Administration of Securities Investment Funds and the Pilot Measures on Open-end Securities Investment Funds and other laws and regulations on the fund's establishment, raising, trading and investment operations, and the rights and obligations of the parties strictly In order to ensure the normative operation of funds and the safety of fund assets and protect the interests of investors.

(2) Supervisor, the regulator of China Securities Regulatory Commission. China Securities Regulatory Commission regulates the establishment, raising and operation of funds as well as fund management companies to protect the rights and interests of investors.

(3) Internal control of the fund management company. China's laws and regulations require fund management companies must have strict internal control mechanisms to control various risks and protect the safety of investors' funds.

(4) Custodian - Fund custodian bank control. The fund management company is responsible for the management and operation of the fund, and the assets of the fund must be independently deposited in the special accounts of the custodian bank, independent of the assets of the fund management company and the fund custody bank's own assets and other funds. At present, there are only 5 major banks that qualify for custody in China, namely Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, Bank of China and Bank of Communications. These reputable banks can act as custodians of your funds, keep their assets in strict compliance with the laws, regulations and fund contracts, ensure that they are not diverted to other uses, and supervise the operation of the fund management companies.

(5) Supervision by accounting firms and law firms. An independent accounting firm audits the accounts of the fund. The law firm issues legal opinions on such issues as the issuance and establishment of the fund to ensure that all laws and regulations are strictly observed and the rights and interests of investors are effectively protected.

From the above arrangement, you can see that the assets you invest in the fund are heavily protected and therefore quite safe. However, to remind you, there is no guarantee for the return on the investment of the fund. The net worth of the fund will fluctuate with changes in the investment market. Investors should therefore bear the investment risk when investing in the fund.

7, which individuals are suitable for investing in open-end funds?

You may consider investing a portion of your assets in open-end funds if you fall into the following categories:

Those who want a higher income than deposits;

No time to finance the professionals;

Lack of investment expertise or unwillingness to bear the high risk of the stock market;

People who are considering preparing their children for education or preparing for future retirement are being considered.

Other people in need.

In short, if you have the right funds, you can invest in the fund to fund the value added or prepare for future expenses, entrust a fund manager with the expertise to finance you and share the benefits of the equity market, But also avoid the high risk and the troubles brought by direct investment, and achieve the effect of easy investment and multiplier.

8, which institutions suitable for investing in open-end funds?

Whether state-owned enterprises, listed companies, private enterprises, non-bank financial institutions or non-profit organizations such as social organizations, if the business hopes:

Improve the efficiency of the use of idle funds

Broaden the channels for capital investment

Diversify investment and reduce investment risk

Enjoy long-term stable investment return

Enjoy professional investment management professional investment advisory services

These goals can be achieved by buying open-end funds.

9, What are the investment objects of open-end funds?

According to relevant laws and regulations, the scope of investment of open-end funds is limited to domestic public offering of stocks and bonds and other financial instruments permitted by the CSRC to allow the fund to invest, including ordinary shares, treasury bonds, financial bonds, corporate bonds, convertible bonds, etc. .

10, What are the main investment channels in China?

The current domestic residents can use the investment channels are:

Bank savings;

National debt



Closed-end fund

Open-end fund


12, open-end funds and bank savings What is the difference?

The characteristics of a bank deposit are that it is safe and easy to realize, and you can always withdraw funds to meet immediate spending or unexpected expenses, but also have some interest income. However, interest rates on bank deposits are usually low, and interest tax is paid. Therefore, bank deposits are generally not preferred as long-term investments.

Open-end funds invest extensively in instruments and instruments such as stocks and bonds, which may yield higher returns and redeem them at any time, like current deposits. In addition, open-end funds have better liquidity than fixed deposits. At the same time, investment in open-end funds can also legitimate tax avoidance. In our country, under the current relevant laws and regulations, investment in open-end funds can enjoy preferential income tax policies, but the interests generated by the deposits are subject to a 20% interest income tax.

13, What are the differences between open-end funds and government bonds?

Bonds are certificates of credit and debt issued to investors when the government, financial institutions, industrial and commercial enterprises directly raise funds from the society and promise to pay interest at a fixed interest rate and repay the principal according to the agreed terms. Treasury bonds are bonds issued by the government.

The biggest feature of the national debt investment is relatively stable income, more secure; the same time, the sale of government bonds from the bank outlets of the procedure is relatively simple, easy to realize, interest income does not have to pay taxes. However, the drawback is that the current bond issuance in banks is relatively small in scale and can not meet the needs of residents' investment, and the yield is also low.

Open-end funds include equities and bonds, generally yielding higher yields than government bonds and, to a lesser extent, risk-taking as a result of more decentralized investment.

14, open-end funds and investment-based insurance What is the difference?

In recent years, investment-based insurance is an insurance product introduced by insurance companies to combine insurance with investment. Insurance companies will investors pay the funds, part of the insurance premiums paid, the other part of the commissioned by insurance companies, so the insurance company to invest only part of the funds. At the same time, insurers now have very limited investment scope, which can only be used for bank deposits, bond purchases and indirect investments in the stock market through the purchase of certain assets. Therefore, their profitability is relatively limited. In addition, investors need to surrender investment-based insurance when they need it, incurring higher fees and less liquidity. Moreover, at present the CIRC's requirements on the disclosure of investment-type insurance are less stringent than those on open-end funds, making it harder for investors to understand the investment operation.

The purpose of the establishment of an open-end fund is to make profits, and the scope of investment is wider than that of insurance products at present. Investments in stocks can be invested directly, and the returns are relatively high. Open-end funds are free to buy and redeem, the fees are much lower than the investment-type insurance. And open-end funds, and due to a more decentralized investment, can reduce the risk. At present, insurance companies invest heavily in fund products. At the same time, open-end funds regularly disclose information with high transparency and investors are well aware of the operation of the fund.

What is the difference between open-end funds and stocks?

A stock is a share certificate issued by a company limited by shares to a contributor when raising capital, on behalf of the holder, the shareholder's ownership of the company. The return on equity investments is uncertain. If the company is doing well, you can share profits (usually in the form of dividends) as a shareholder and benefit from the market price increase. Conversely, your investment will devalue if there is a problem with the company. The risk of stock investment is higher because of the great uncertainty of the operating profit of issuers and the volatility of stock market prices. Only those who have more funds, time for research and analysis, and timely access to relevant information, people have greater odds.

Open-end funds by experts, financial management, portfolio investment approach, to a certain extent, reduce the risk, the relative stability of the stock returns, and the realization of open-end funds is relatively easy.

16, open-end funds and closed-end funds compared to what is the difference?

The main difference between open-end funds and closed-end funds are:

The variability in the size of the fund is different

Open-end fund investors can subscribe or redeem units at any time, so the size of the fund is not fixed. The closed-end fund, unless there is any special circumstances such as the expansion of the Fund after the establishment of the fund size is fixed.

Different duration

Open-end funds have no fixed term. The closed-end funds have a fixed term, the domestic closed-end funds generally 5 to 15 years.

The unit of the sale of different ways

Open-end funds can be either directly managed by a fund management company or consigned by an agency such as a commercial bank. Redemption can also be handled through the above channels and can not be listed on an exchange. Closed-end funds trading approach is similar to the stock, the stock exchange.

Units of the transaction price is different

The open-end fund's unit price is based on the unit's net asset value, based on the basis, there will be no discount phenomenon. The closed-end fund trading price is mainly affected by the market supply and demand, the sale price and the net fund value is generally different, often there is a premium or discount, therefore, in addition to net worth changes, investors also need to bear the changes in supply and demand due to price fluctuations risk.

Different management requirements

Open-end funds at any time face the pressure of redemption, so pay more attention to liquidity and other risk management, and require fund managers have a higher level of investment management. Due to the variability of the size of open-end funds, the management performance of the fund management companies has a great impact on the size of open-end funds. Good performing funds can attract more capital investment, thereby expanding the scale; poor performance of the fund may cause investors to redeem, resulting in a reduction in the size of the fund, or even liquidation. In addition, the fund management company's customer service will also have an impact on the size of the fund. Therefore, open-end funds are more pressured and motivated for fund managers to improve their investment management and customer service than closed-end funds.

17, relative to the closed-end funds, open-end fund what are the advantages?

For investors, the advantages of open-end funds over closed-end funds lie mainly in:

Investment is convenient and flexible: investors can apply for redemption and redemption of open-end funds at any time. The investor's counterparty is the fund manager, not the other investor, and the transaction is not subject to the restrictions or restrictions of other investors' willingness to trade.

Transaction price is reasonable: Open-end fund subscription, redemption price in accordance with the application unit of the net asset value plus a certain fee, there is no discount transactions, the investors benefit.

Risk control is more effective: Since investors can buy and redeem open-ended funds at any time, with the fund manager as the only counterparty, and the fund manager's main income is based on the fund's net asset-based fund management fees, so the fund Management companies are facing more pressure to encourage fund management companies to more carefully manage open-end funds, focusing on liquidity and other risk control and management, and strive to achieve a win-win situation for investors and fund management companies.

Information transparency: According to the relevant laws and regulations, the fund managers of open-end funds should announce the net asset value of fund units on the previous opening day on each open day, and also announce the quarterly reports, semi-annual reports and annual reports so that investors can understand The operation of open-end funds allows investors to make the right decisions accordingly.

18, What are the open-end fund investment restrictions?

According to relevant laws and regulations, the fund's investment portfolio has the following restrictions:

A fund investment in stocks, bonds, not less than 80% of the total assets of the Fund;

1 fund holds a listed company's shares, not more than 10% of the Fund's net asset value;

The same fund manager to manage all the funds held by a company issued securities, not more than 10% of the securities;

The ratio of a fund invested in state bonds shall not be less than 20% of the net asset value of the fund;

Fund name shows the direction of investment, the fund of non-cash assets should be at least 80% of the Fund's name shows the contents of the investment;

China Securities Regulatory Commission provides other restrictions on the proportion.

In the meantime, the relevant laws and regulations prohibit the use of fund assets in the following acts:

Mutual fund investment

Fund managers to use the name of the fund does not belong to the fund name securities trading securities;

Use bank credit funds to fund investment;

Use the fund assets for guarantees, money lending or loans;

Engaged in securities credit transactions;

Fund assets for real estate investment;

Engage in investments that may subject the fund's assets to unlimited liability;

Investing in fund assets in securities issued by companies that have a stake in the fund custodian or fund manager;

The laws, regulations and rules in force at that time and other acts prohibited by the CSRC and the "Contract on Funds" were prohibited.

19, the development of foreign open-end funds how?

Open-end funds have become the mainstream of the international fund industry, accounting for more than 90% of the current global fund assets. Take the United States as an example. At present, assets managed by open-ended funds in the United States account for 95% of the total assets of the fund. From 1990 to 1999, the size of the assets of open-ended funds in the United States increased seven-fold in the past ten years, bringing the total fund amount to 6.8 trillion U.S. dollars.

Second, open-end fund practice

20, who can invest in open-end funds?

In addition to the laws and regulations that prohibit individuals and institutions prohibited from investing, persons over the age of eighteen who legally hold the existing PRC resident identity card, the soldier's card, the military officer's card and the armed police card as well as the legally registered entities within the territory of China An enterprise legal person, a legal person, a social organization or any other organization established with the approval of the competent government authorities may purchase an open-end fund.

21, what is subscription, purchase and redemption?

Subscription refers to the investor in the establishment of the fund-raising unit to buy behavior.

Subscription refers to the fund after the establishment of fund managers to buy units of the act.

Redemption is the fund investors to fund managers to sell units of the fund.

22, what is the open day?

Open day is for investors to apply for funds, redemption and other business days. In our country, in general, the trading day of the stock exchange is the open day of the open-end fund.

23, what is the closing period, the closing period generally how long?

Closed period refers to the early days of the establishment of an open-end fund, fund managers and prospectuses can be provided within the contract period does not accept the subscription, redemption and other business time. According to the regulations, the longest period of closure can not exceed 3 months.

24, the net unit of open-end fund is how to calculate?

Open-end fund buying and selling prices are based on the net unit of fund calculations. Net unit fund is calculated as follows:

Fund net asset value = total fund assets - total fund liabilities

Net fund unit = Fund net asset value / total number of units of the Fund

The total fund assets refers to the total value of all kinds of securities owned by the fund, the principal and interest of bank deposits and other investments. The total value of the fund's liabilities is the liabilities formed when the fund operates, including all kinds of payables and payables.

Fund net daily value, of which the net asset value of the Fund is the day after the close of stock exchange on the Fund's assets owned by valuation and deducted liabilities, the total number of units is the total number of Japanese fund number.

25, what is the unknown price method? Why buy and sell open-end funds to use "unknown price method"?

Fund purchase and redemption are generally taken to "unknown price" principle, namely the purchase and redemption of the date of application for the net asset value of units as the basis for transactions. Investors in buying and selling funds, do not know the exact price of the transaction.

The "unknown price method" is adopted to prevent investors from deciding whether to buy or sell according to the stock market situation on that day, which adversely affects the interests of other fund holders. For example, if the open-end fund trading using the "historical price" method, that is, according to the day before the day of the Fund's net asset value to purchase and redemption, then the stock market in the case of rising prices, the unit Net value will increase, and because it is based on the net value of the previous day has been announced on the date of valuation, investors only need to pay less funds to achieve the day after the net increase; and when the stock market fell, investors redeemed It will avoid the loss of the net value of the day. This may lead to arbitrage behavior of the long-term investors adverse to the fund, but also not conducive to the stable operation of the fund and the net unit of fund stability, so the sale of open-end funds in our country have adopted the "unknown price", the next day Announced the net unit purchase price redemption redemption price.

26, what is the amount of purchase?

The amount of the purchase refers to the investor in the purchase of funds is based on the amount of the purchase application, rather than the purchase of shares to apply for, for example, an investor proposed to buy 10,000 yuan fund instead of 10,000 to buy the fund. Because the sale of open-end funds using the "unknown price method", so the amount of purchase is more convenient method of operation.

27, what is the share redemption?

Redemption refers to investors who sell shares by selling shares instead of sold shares. For example, one investor proposes to sell 10,000 funds instead of selling $ 10,000.

Because the sale of open-end funds using the "unknown price", so the redemption of shares is a more convenient method of operation.

28, open-end funds how to ensure liquidity?

To attract investors' funds, fund managers need to work hard to ensure good performance of the fund. In addition, fund managers to control liquidity risk, but also through the following measures to ensure the liquidity of open-end funds:

(1) keep a certain amount of cash to meet the daily redemption needs;

(2) stocks with a certain ratio of government bonds and high liquidity to meet the sudden increase of redemption needs;

(3) The Fund can obtain temporary capital needs by entering the interbank market in order to cope with the liquidity risk of the Fund arising from the emergence of systematic risks in the emergent stock market.

(4) Under the conditions permitted by law, a commercial bank may apply for short-term loans to meet the needs of temporary redemption of funds.

29, What are the costs of open-end funds?

Like other methods of investing, there are some costs to invest in an open-end fund. Specific types of fees and rates Standard investors can consult the fund's contract or prospectus.

In general, the main costs involved from the time the investor buys the fund until redemption include:

(1) The cost borne by the investor directly: This part of the cost is paid directly by the investor.

Subscription fee. In the fund set up to buy the fund called subscription. The subscription fee is the fee charged to the investor who purchased the fund during the fund-raising period. In order to encourage investors to buy funds during the establishment of the fund-raising period, many of the funds set the subscription rate than the fund after the establishment of the subscription rate has a discount.

Application fee: to buy the fund after the establishment of the Fund called subscription. The purchase fee is the fee charged by the investor for purchase. China's law provides that the purchase rate shall not exceed 5% of the purchase amount. At present, the purchase rate of domestic open-end funds is generally 1% ~ 2% of the purchase amount, and the multi-file rate is set, and the applicable rate of large purchase amount is also lower.

Redemption fee: Redemption fee redemption is redeemed from the redemption of the cost of redemption, the law of our country, the redemption rate shall not exceed 3% of the redemption amount, redemption fee income after deducting the basic fee , The balance should be owned by the Fund. At present, the redemption rate of domestic open-end funds is generally below 1%.

(2) fund operating costs

Fund operating costs is to maintain the operation of the fund, the cost deducted from the fund assets, investors do not pay directly.

Fund management fees: is paid to fund managers to cover the cost of managing the fund. Fund management fees daily accrual, the annual rate is generally 1% to 3%, China is currently 1.5%.

Fund custody fee: is paid to the fund custodian fees to cover custodial fund assets incurred expenses. Fund custodian fees accrued daily, the annual fee rate is generally about 0.25%.

Other costs: mainly including investment transaction costs, fund information disclosure fees, fund-related accounting and legal fees, holders of assembly fees, etc., which are also deducted from the fund assets directly as the operating costs of the fund.

30, how to calculate the purchase cost and the number of funds to buy?

The purchase amount of the open-end fund actually includes the subscription fee and the net purchase amount in two parts. The purchase fee can be calculated according to the purchase amount or a certain percentage of the net purchase amount. Domestic practice is generally based on the total purchase price (including costs) multiplied by the applicable rates to calculate the purchase fee, and deducted from the purchase price. In this way, the actual purchase of a unit amount of units can be calculated as:

Subscription fee = purchase amount × applicable purchase rate

Net purchase amount = purchase amount - purchase fee

Subscription number = net purchase price / net purchase date of units of net

This is a common calculation method in the United States and other overseas markets. The advantage of this method is that it is easier to calculate with the "unknown price method."

31, why you want to charge redemption fee?

The intention of receiving a redemption fee is to limit any redemption by investors. In response to the pressure of redemption cash payment, the Fund will bear some loss of realization. If no redemption fee is set, frequent and arbitrary redemptions will adversely affect the interests of the remaining fund holders. At present, the development of China's securities market is not yet mature, investors lack of reason, may result in excessive speculation or run on behalf of, therefore, set a certain redemption fee is the necessary protection of the fund.

32, how to calculate the redemption fee and redemption amount?

After the investor sells the fund, the amount actually obtained is the portion of the redemption total deduction redemption fee. The formula is:

Redemption Amount = Redemption Amount × Net Value of Units on Redemption Date

Redemption Fee = Redemption Amount × Redemption Rate

Redemption Amount = Redemption Amount - Redemption Fee

33, the investor's application for the purchase may be rejected?

When you deal with the open-end fund business, you need to provide relevant information accurately and fill out the relevant forms carefully. If you fill in the wrong form, your application for purchase may be rejected.

In addition, open-end funds in the fund contract, the prospectus provisions of the situation appears, it will suspend or deny investors to purchase. Generally include the following situations:

1) Force majeure;

2) The stock exchange closed abnormally during trading hours;

3) Fund Management Company believes that the market lacks the appropriate investment opportunities, continue to accept the purchase may have damage to the interests of existing fund holders;

4) fund management companies think it will be detrimental to the interests of existing fund holders purchase;

5) inadequate technical support or personnel support from fund management companies, fund custodian banks, fund sales agencies or registered institutions;

6) Laws and regulations or other situations deemed by the CSRC.

Suspension of purchase and re-open subscription, the fund management company will be designated by the China Securities Regulatory Commission, the information disclosure media notice.

34, the fund management company can suspend the redemption it?

Open-ended funds in the fund contract, the prospectus specified circumstances, will be suspended to accept the redemption application. Generally include the following situations:

1) Force majeure;

2) abnormal trading hours of stock exchange places;

3) A huge amount of fund has been redeemed in a row, and the fund management company thinks it should suspend the application for redemption;

4) Other laws and regulations or other situations determined by the CSRC.

Suspension of redemption and re-start to accept the redemption application, the fund management company will be designated China Securities Regulatory Commission, the information disclosure media notice.

35, what is a huge redemption?

If, on an open day, the fund net redemption application (usually refers to the total number of redemption applications after deducting the total number of applications) exceeds 10% of the total fund shares of the previous day, a substantial redemption is considered.

36, fund managers how to deal with a huge redemption?

In the case of large redemptions, fund managers generally have two ways:

Redeem all

When the fund management company considers it is capable of fulfilling all redemption applications of investors, it is executed according to the normal redemption procedure, which has no effect on the interests of investors.

Part of the delay redemption

Fund management companies believe that the redemption of investors to apply for redemption difficulties, or may cause greater volatility in the net asset value of the Fund, etc., can be redeemed on the same day the proportion of not less than 10% of the total fund on the premise of the previous day , Apply for the rest of the redemption delay.

Investors should note that redemption due to deferment will be made on the basis of the net opening value of the fund unit on the next open day or later, so when making the redemption application, the investor should choose from the application form whether a large redemption should occur or not Shun continued redemption.

In addition, when large open-ended fund huge redemptions, the fund management company according to the contract and the prospectus specified in the Fund may suspend the application for redemption; has accepted the redemption application can delay the payment of redemption money, but not more than The normal payment time is 20 working days and must be announced in the designated media.

37, What is the source of income for open-end funds?

The main sources of income for open-end funds include the following:

Dividend income: stock dividends or cash dividends allotted to listed companies.

Interest income: The interest income generated when investing in government bonds, corporate bonds, financial bonds, bank deposits and other tools.

Capital Gains: Gains arising from the bid-ask spread when investing in the shares or bonds of a listed company.

Other income: Revenue is accrued as a result of the cost or expense of using the fund's assets.

38, investors invest in open-end funds profit ways?

Investment in open-end funds to make "fund net" of money, unlike closed-end funds, after the listing price may be affected by the market supply and demand have a premium or discount situation. In general, buying open-end funds can be monetized in three ways:

Net worth growth: Due to the appreciation of the stocks or bonds invested by the open-end fund or the bonus, dividend, interest, etc., the net growth of the fund unit is caused. Net unit fund after the rise, investors sell units when the net value of the net difference is the investment margin. The deduction of the purchase price of Maori purchase fund and redemption fees, is the real investment income.

Cash dividend income: According to the provisions of the state laws and regulations and the contract of the fund, the fund carries out regular dividend distribution. Your cash bonus is also part of your profit.

Bonus dividend reinvestment: If the investor chooses to reinvest the dividend, the share of the fund held by the investor (instead of the cash asset) will increase after the dividend.

39, open-end fund investment income guaranteed it?

According to the current laws and regulations of our country, the Fund shall not guarantee profits, guarantee the sharing of losses or promised minimum income. Therefore, the open-end funds can not make a guaranteed commitment to investment returns.

40, open-end fund dividend it?

Dividends of open-end funds are stipulated in the contract of the fund. Generally, dividends are distributed at least once a year, with annual distribution generally within 4 months after the end of the year.

The object of distribution is the net income of the fund, that is, the balance of the proceeds of the fund after deducting the fees that can be deducted from the fund's income in accordance with relevant regulations.

Investors should understand that the proceeds of the fund dividend turned out to be part of the net worth of the fund unit, and the actual assets actually used by the investors are also their own books. This is why the dividend day (ex-date), net unit fund will decline.

41, what are the ways of dividend?

Investors can choose one of two ways to get dividends from open-end funds: cash dividend and dividend reinvestment.

The so-called cash dividend means that investors accept dividends in cash.

Dividend Reinvestment means that investors do not accept dividends in cash instead of dividends, but convert dividends into fund shares automatically.

42, dividend reinvestment What are the advantages?

Fund managers to encourage investors to additional investment, so the general provisions dividend reinvestment does not charge fees. If investors after receiving cash dividends, but also additional investment, it will be regarded as a new subscription, the need to pay the purchase fee. Therefore, the choice of dividend reinvestment will help reduce the cost of investors.

At the same time, long-term investment in open-end funds, if you choose to reinvest the dividend, you can enjoy the compound investment growth compound interest growth. For example, if an open-end fund pays a dividend of 5% each year and chooses to dividends and reinvests it, the value of the funds will increase by 62.89% in 10 years. If the cash dividends are chosen in the same way, the value of the funds only increases by 50% Revenue less 12.89%. If you invest more time, the difference is even greater.

43, invest in open-end funds need to pay tax? ?

Under normal circumstances, the fund's investors will involve three taxes:

(1) Income tax, levied on investors' dividends and capital gains.

(2) Transaction tax, the tax the fund needs to pay when trading.

(3) stamp duty, the transaction in the relevant documents to pay taxes.

The different social and economic development conditions in various countries and regions have led to great differences in the regulations on the collection of various kinds of taxes. At present, China has exempted the income tax on the distribution of bonuses received by investors from the fund. At the same time, no income tax has been levied on the difference income of individual investors' trading funds. The difference income received by the investors from enterprises should be incorporated into the taxable income of the enterprises. Income tax. Fund's investment object is the securities market, fund managers have already paid the various tax rates set by the stock exchange when making investments, so investors do not have to pay transaction tax when applying for and redeeming open-end funds. Stamp duty is levied in accordance with the relevant provisions of the state.

Third, how investors invest in open-end funds

44, how to choose the right fund?

There are many different types of funds on the market. The same type of fund in each fund also has different investment objects, investment strategies and other aspects of the characteristics. When choosing a fund, you need to pay attention to browse various newspapers, sales offices announcements or fund management companies to understand the fund's earnings, expenses and risk characteristics, to determine whether a fund meets your investment objectives.

Specifically, you should consider the following:

Past performance of the fund

Whether the return level of the fund is attractive and whether its past performance is consistent.

Fund Management Company

Whether the fund management company is trustworthy. Whether the fund manager has sufficient expertise and investment experience in managing the fund.

Whether the fund is suitable for personal needs

Fund's investment objectives, investment targets, the level of risk is consistent with personal goals. For example:

Ü investment objectives: each person due to age, income, family status and have different investment goals. Generally speaking, young people are suitable for the selection of higher-risk funds, while those who are about to retire are suitable for the selection of the less-risky ones.

Ü Affordable Risks: In general, the returns of high-risk investments are also high. However, if you are sensitive to the short-term market volatility, you should consider investing in some of the less risky and more stable funds. If your investment orientation is more aggressive, do not mind the short-term market volatility, and want to earn higher returns, then some of the higher-risk funds may meet your needs.

In addition, you may be able to look at the adequacy of the fund's fees if other conditions are right.

45, how to choose fund management company?

The fund is managed by a fund management company. The management level of a fund management company will directly affect the performance of the fund. Therefore, choosing a fund managed by a reputable fund management company to invest is also an important aspect of your investment process. We suggest that you follow the steps below to examine fund management companies:

Fund Management Company Background

Investors should choose a reputable, non-illegal record, internal management and well-managed fund management company.

Management of asset size and performance

Investors can assess their managerial ability through the overall performance of the funds managed by the fund management company. Investors should choose to manage the larger asset management fund for most of the time relative to peers and the broader market has better performance of fund management companies.

Investment procedures and experience

Investors should choose to invest in experienced, investment process science advanced fund management company.

The research team's lineup

The fund management company researchers should have rich industry and company research experience, good securities analysis literacy and high professional ethics.

customer service

Investors should choose to provide better customer service fund management company.

46, how to understand the relevant information on open-end funds?

You can learn about open-end funds through the following channels:

Fund management companies, consignment agencies and other places of business and office space for reference documents;

Fund management company's promotional materials;

Fund management company's customer service phone;

Fund management company's website;

China Securities Regulatory Commission designated information disclosure website,

For example, the website of Shanghai Stock Exchange, the website of Shenzhen Stock Exchange and;

China Securities Regulatory Commission designated information disclosure newspapers,

For example: "China Securities News", "Shanghai Securities News", "Securities Times" and so on.

47, invest in open-end funds, what are the tips?

Investment secret fund secret lies in the pursuit of long-term gains, the frequent short-term access does not apply to the investment of open-end funds, but will vain loss of fees, so investors are best done in advance of long-term investment planning.

Tip one: do not borrow money to invest

Try not to borrow money to invest long-term investment will inevitably have a decline in the market, so as to avoid the burden of interest and short-term stuck.

Tip 2: Diversification

If you have enough funds, you may want to consider diversifying into multiple funds based on the investment characteristics of different funds. In this way, if a fund does not perform well for the time being, the unsatisfactory performance will be offset by the outstanding performance of another fund through diversified investments.

Trick 3: make long-term preparation

Most successful investors have long-term investment plans. Long-term investment, you can make the capital value-added time, you can overcome short-term fluctuations. In general, short-term stock market volatility, but if the investment is long enough, you can avoid the risk of short-term fluctuations, coupled with the professional stock managers and stock picking operation, in the long run there will be greater odds.

Trick 4: Do understand the characteristics of the selected investment fund

Before making your investment decision, you need to understand your individual investment needs and investment objectives. When choosing a fund, you need to carefully read the fund's fund contract, prospectus or prospectus and other documents, and from newspapers, sales outlets, or fund management companies and other formal channels to understand the fund's information in order to truly and fully assess the Fund and Fund management companies earnings, risks, past performance and so on, so as not to choose not to own fund varieties.

Tip five: regularly review their needs and circumstances

Although we should make long-term investments, we also need to update our investment decisions based on changes in age, financial position, or investment objectives. Most successful investors seek higher profits in the early stages of saving and investing, and over time will gradually shift to more stable investments.

Tip 6: Do not over-frequent operation

Different from the short-term investment in stocks and closed-end funds into the mode of operation, open-end funds is basically a medium-term investment vehicles. This is because the prices of both stocks and closed-end funds are affected by the market supply and demand, and their short-term volatility is greater. However, the transaction price of open-end funds directly depends on the net asset value, which is basically unaffected by the market speculation. Therefore, the too short-term rush to grab or chase kill not only difficult to make money, but will increase handling fees and increase costs.

48, investing in open-end funds, which need to prevent errors?

Open-ended funds appear very short in our country, your understanding of open-end funds may not be much. So when investing in open-end funds, you need to be aware of the following misunderstandings:

There is an unrealistic illusion of return on investment

What the fund offers you is the prospect of a long-term, steady, value-added capital, not an opportunity to get rich overnight. From abroad, the returns of investment funds in various countries also have a certain average profit-making rate, and the investment returns will always be good or bad. You should have reasonable expectation of the fund's return based on the fund's investment style, the investment managers' fund operations and the market conditions in the securities market. Otherwise, you may find it difficult to meet your investment objectives.

Only value earnings, while ignoring the risk

You must always remind yourself that any investment activity is risky and that the risk corresponds to the benefit. Although the fund is an expert financial management, can achieve portfolio investment, but it can only spread the risk, the risk is reduced to an affordable level, but not completely eliminate the risk.

In addition, although high risk does not necessarily make high-yield, but in pursuit of high-yield, you have to bear the high risk. So fund investment is still at risk, that is to say, there is the possibility of losing money.

49, invest in open-end funds can have what strategy?

When buying funds, investors can determine the appropriate investment strategy according to their own income status, investment experience, familiarity with the securities market, etc. If you are unfamiliar with securities and do not have much time to care about the investment, then you can take Some passive investment strategies, such as the purchase of investment strategies in equal installments, fixed-ratio investment strategies; the other hand, you can adopt more proactive investment strategies, such as homeopathic investment strategy and timely investment strategy.

1, regular quota purchase strategy: If you are ready for long-term investment funds, while your source of income is relatively stable, may wish to adopt the installment method of fund investment, regardless of market, monthly (or regular) investment The fixed amount of funds in the fixed, when the market goes up, the fund's net high, buy fewer units; when the market fell, the fund's net low, buy more units, so long down, the purchase of funds The average unit cost will be lower than the average market price, the so-called average cost method. The reason why the average cost method can function is mainly because when the stock market goes down, investors also passively invest in more units. As long as you believe the long-term performance of the stock market should be on the rise, Into the low-cost stocks, will certainly bring huge profits.

There are other benefits to investing in securities investment funds this way: First, do not worry about the timing of entry. Second, a small investment can be. In foreign countries, the minimum investment amount is relatively low (only HK $ 1,000 in Hong Kong each month) while the minimum investment amount in Taiwan is NTD 3,000 per month through "regular quota". Third, long-term investment returns are much higher than fixed deposits. Although Fixed Term Investment has a time-saving equivalent to "zero-sum", because it invests in higher-yielding stocks, as long as the stock market looks up from the point of view over time, its return on investment is far more variable than fixed-term deposits High, realism is also very good, ready for redemption, higher security. Fourth, many types, you can freely choose. At present, there are quite a few types of funds available for investment in the generally mature financial markets, allowing investors the freedom to choose.

2, a fixed proportion of investment strategy

Will be a fixed proportion of funds scattered investment in different types of funds, when a class of funds due to changes in net value of the proportion of investment changes, the sale or purchase of such funds, so as to ensure the proportion of investment to maintain the original Fixed ratio. This will not only diversify investment costs, resist investment risks, but also be good to close, not because of a fund's performance is not good or over-expectation prices will further increase the profits of the hand to make the bubble or make a substantial increase in investment. For example, if you decide to buy 50%, 35% and 15% of funds for equity funds, bond funds and money market funds, respectively, you can sell as the share-raising ratio increases by 20% 20% off the stock funds, so that the stock fund investment remains unchanged at 50%, or additional investment to buy bond funds and money market funds, so that their investment ratio also increased by 20%, so as to maintain your original investment ratio . If the stock fund falls, you can buy a certain percentage of the stock fund or sell an equal proportion of bond funds and money market funds, to restore the original investment ratio. Of course, this investment strategy is not adjusted on a regular basis. An experienced investor generally follows the guideline of adjusting the portfolio every three or six months. A 20% increase in the equity fund will sell Losing part of it, increasing investment by 25%.

3, homeopathic investment strategy

Also known as "replacement operation" strategy, this strategy is based on the assumption that the price of each fund is rising and falling, and changes with the market conditions. Investors should follow the trend in the market to chase the strong funds, throw off the poor performance of poor funds. This strategy is more effective in the long market, the short market may not be feasible.

4, timely access to investment strategy

That is, investors based on changes in market conditions to buy and sell funds. Generally, investors who adopt this method are mostly investors who have certain investment experience, are more confident in the market conditions and have a higher risk-bearing ability in investment. After all, it is necessary to accurately predict the level of each wave in the stock market Point is not easy, even if you have mastered the market trend, but also bear the short-term market may be ups and downs.

50, after buying the fund, what should I do?

After you buy an open-end fund, you can also take some time to track the performance of the funds you invest and then adjust your investment portfolio to match your investment needs and financials.

Watch for disclosures such as the announcement of the fund you hold

Concerned about the performance of your investment funds, such as net unit fund, portfolio, investment strategy and market outlook, grasp the fund's investment status and income levels.

Pay attention to personnel changes in fund management companies

If there are major personnel changes in the fund management company, you should pay close attention to changes in the fund's investment in order to timely adjust the investment strategy.

Understand the market's comments on the fund's investment

You can draw on the experts' comments on the fund market to deepen your understanding of the fund's investment, such as the performance of similar funds and the prosperity of the investment market, so as to help you make objective, Accurate judgment.

According to their own spending needs, adjust the dividend method

Open-end funds have cash dividends and dividend reinvestment two ways, you are free to choose. If you want to increase your fund investment, you can apply for a dividend reinvestment with a fund manager, which simplifies reinvestment and saves money.

Consulting investment adviser to assist in investment

Investors have any questions you can consult the fund management company or sales agency investment advisers, listen to expert analysis, you can make your assets have a better understanding of the health status.

51, how to open individual investors in the Bank of China's trading account?

Individual investors to open a BOC fund trading account should submit the following documents:

(1) I am the original proof of identity (ID card, military card, armed police card);

(2) Bank of China Great Wall debit card;

(3) Completed "Account Opening Application Form".

(4) transaction agreement

52, how institutional investors to open the Bank of China's trading account?

Institutional investors to open a BOC trading account should submit the following documents:

(1) An application form for opening an account of an investor filled in and affixed with an official seal of the institution and a chapter of the legal representative;

(2) A valid business license (copy) issued by the administrative department for industry and commerce or a certificate of registration issued by the civil affairs department or other competent department, and a photocopy (official seal affixed thereto) shall also be provided on the above documents;

(3) Power of Attorney (signed by the legal representative and stamped with the official seal);

(4) ID card copy and its copy;

(5) Reserved for signature card;

(6) transaction agreement

53, opened a bank account in China can recognize (Shen) buy funds?

Yes. Investors opened a trading account with Bank of China, you can directly to the Bank of China outlets identified (Shen) buy funds. After accepting the application, the Bank will automatically submit a business application for opening a fund account and then input an application for confirmation (application) by the investor. That is, the Bank of China automatically handles the application for investors simultaneously Li Fund account and the first recognized (Shen) purchase business.

54, can open a trading account at the same time for subscription business?

Yes. During the issuance period, investors can handle opening BOC trading accounts and subscribing businesses at the same time without having to run a sales network many times.

55, an investor can open more than one fund account?

No, according to the rules of business, an investor can only open one fund account.

56, can I entrust others to open an account?

No, the account must be handled by the investor himself.

57, in the subscription period investors can subscribe for funds several times?


58, individual investors need to provide what documents information subscription?

Individual investors to submit funds must be submitted: I signed the completed subscription application form, my Bank of China Great Wall Debit Card, Bank of China Fund Trading Cards.

59, institutional investors need to provide what documents information subscription?

Institutional investors must submit a subscription application stamped with a reserve seal when subscribing.

60, how to calculate the subscription fee and subscription share?

Subscription rate of 1%, subscription fees and subscription share calculation formula is:

Subscription fee = subscription amount × subscription rate

Subscription share = (subscription amount - subscription fee) / unit par value

Fund subscription fee calculation, if decimal, rounding, to retain two decimal places; subscriptions to retain two decimal places, two decimal places after the round, give up part of the representative of the shares owned by the fund assets.

Example: A investors intend to subscribe for funds 50,000 yuan. Fund companies set the subscription rate of 1%, the fund issued par value of 1.00 yuan.

For A investors, subscription fee = 5 × 1% = 0.05 million, or 500 yuan

Subscription share = (5-0.05) /1=4.95 million units

61, investors get consignment agency business acceptance documents that business success?

No, get the affidavit business acceptance documents only said the business has been accepted, but the success of the business must be based on the fund management company's registry to confirm the subject, investors generally T +2 days to find themselves in the T Day for business success.

62, the conditions for the establishment of the fund is what?

According to the "Interim Measures for the Management of Open-ended Funds," the conditions for the establishment of an open-ended fund are as follows: ① Within the period of the establishment of the offering fund, the net sales amount exceeds 200 million yuan. ② The minimum number of subscriptions reached 100 during the period of the establishment of the offering fund.

When the fund reaches the conditions for the establishment of the fund, the fund manager may announce the establishment of the fund, and formally transfer the fund shares subscribed by the client to the fund account opened since the fund was established.

(B) other business management account

63, what is the registration fund account?

Investors in the opening of the fund account, such as the need to open the fund account sales agencies other than sales agencies for fund operations, the need to register the fund account. In other words, the registration fund account is the formalities that investors must go through when they open a fund account at a sales agency and want to go through another fund business.

64, the client does not open a fund account can register for the fund account business?

Customers who do not have a fund account can not apply for the registration fund account business, but he can handle the business of opening a fund account directly.

65, registration fund account need to submit what information?

Individual investors should submit: Bank of China Great Wall Debit Card; Bank of China Fund Trading Card; Completed "Registration Fund Account Application Form."

Institutional investors should submit: Application Form for Registration Fund Account stamped with a seal; and all the information required for opening an account.

66, what is the important account information?

Important account information refers to: the name of the individual investor, the type of document, the document number; the name of the institutional investor, the type of document and the document number.

67, how to modify important account information?

Investors to modify important account information, you must go to the original account for outlets.

68, modify the important account information need to submit what documents information?

Individual investors should provide: a completed application form for the change of information; original and copy of my valid ID card; relevant proofs issued by the public security organ or the document issuing authority where the account is located must be provided if the elements of personal ID card are changed; and the Bank of China Great Wall Debit Card; Bank of China Fund Trading Cards.

Institutional investors: official seal stamped with the reserve seal; changes in important information required to provide a new business license, organization code certificate and the relevant unit to prove the original proof of change and the above documents stamped with a copy of the official seal; Original valid copy of the ID card and photocopy; Power of attorney (signed by the legal representative and affix the official seal).

69, what is other account information?

Other account information than the important account information, such as address, zip code, is referred to as other account information.

70, how to modify other account information?

Investors to change account information in addition to other important account information, you can go to the original account opening agency and registered fund account number of sales outlets to apply for any network.

71, individual investors can entrust others to modify important account information?

No, individual investors may not entrust others to change the fund account information.

72, in line with what conditions to cancel the fund account?

The canceled account must have no unit balance, and at the same time, the account must be in its normal condition without any loss of equity.

73, cancel the fund account need to submit what information?

Investors to cancel the Fund account, should provide the following materials:

Individual investors should provide: cancellation of the Fund Account Application Form; ID card; Bank of China Great Wall Debit Card; Bank of China Fund Trading Cards.

Institutional investors should provide: Affidavit affixed with the official seal of the fund account application form; affix the legal representative of the seal and the unit's power of attorney; manager valid ID card and photocopy.

74, individuals can entrust others to write off fund account?

No, individual investors may not entrust others to write off fund accounts.

75, the purchase to take "unknown price" principle, that is, to apply for purchase on the day of application of the net asset value of the unit price; and the implementation of "purchase amount" principle, that investors apply for a certain amount of purchase, fund managers in addition to purchase fees After the purchase date according to the net unit of fund investors should share.

76, personal purchase need to provide what documents?

Individual investors to apply for the fund must provide the application form signed by myself and my Bank of China Great Wall Debit Card, Bank of China fund transaction cards.

77, agencies need to provide what documents purchase?

Institutional investors should provide a copy of the application form stamped with an official seal and seal when applying for the fund

78, purchase can be revoked?

The day of the purchase application can be withdrawn within the transaction time.

79, withdrawal of purchase application to submit what information?

Institutional investors should provide: Letter stamped with the reserve seal; the original transaction commission receipt.

Individual investors should provide: withdrawal application form; valid ID card; Bank of China Great Wall debit card; Bank of China fund transaction card; the original transaction commission receipt.

80, when the purchase application can confirm?

The investor's application for application submitted on the T day is generally handled and confirmed by the registration authority on T + 1 day. The investor can check whether the purchase has been successful since T + 2.

81, how to calculate the purchase cost and share?

Subscription rates: 1.2% (10 million yuan or more, including the number)

1.5% (10 million yuan or less)

Calculation formula: purchase fee = purchase price × purchase rate

Purchase share = (purchase price - purchase fee) / net unit fund

Subscription costs rounded to two decimal places; the effective purchase of shares retained after the two decimal places, two decimal places after the part of the rounding away, part of the homes on behalf of the property owned by the Fund.

Example: A investors intend to purchase 15 million yuan E Fund steady growth fund, assuming the date of purchase net unit fund of 1.2 yuan. In accordance with the provisions of the purchase rate, calculated as follows:

Subscription fee = 1500 × 1.2% = 180,000 yuan

Subscription share = (1500-18) /1.2=123500 copies

82, how to redeem?

Redemption of shares to take the method of redemption of shares, that investors apply for redemption of a certain share of the fund unit, the fund manager according to the date of application for the net redemption of the investor's total net redemption of the redemption fee is the investor Redemption amount due.

83, what investors need to redeem personal documents information?

Redemption of individual investors need to submit a redemption application form, Bank of China Great Wall Debit Card, Bank of China Fund Trading Cards.

84, institutional investors redeem what documents required?

Redemption of institutional investors for redemption need to submit a stamped reservation redemption application form.

85, when redemption application can be confirmed?

The redemption application filed by the investor on the T day is generally handled and confirmed by the registration authority on T + 1 day. The investor can check whether redemption has been successful since T + 2 days.

86, investors when the redemption money withdrawn from the custodian bank?

Fund holders redeem the fund shares, the redemption money is usually T +3 days, a maximum of T +7 days from the custodian row.

87, one day redemption?

The same investor allows multiple redemptions on each open day.

88, redemption can be withdrawn?

The redemption application of the day can be withdrawn before the trading day (ie before 15:00). The information required to cancel the redemption application is the same as the withdrawal application.

89, investor redemption of each share is limited?

The minimum amount each investor redeems is 500 units

90, what is the mandatory redemption?

Mandatory redemption mainly refers to the following two situations: (1) At redemption, when the redemption of a certain fund causes the balance of the fund unit in the trading account of the consignment agency to be less than 500, the remaining part of the balance must be redeemed together; (2) ) If an investor allows his redemption account to have a balance of less than 500 when the account balance of the agency is less than 500 for other reasons (such as transfer of custody, non-transaction transfer, etc.), he must redeem all at once.

91, why investors choose "non-continuous redemption" or "redemption" when redeeming?

In accordance with the relevant provisions, when a huge redemption, if the fund manager redemption application for investors have difficulty redemption or redemption application investors think redemption of the assets realized may cause greater fluctuations in net asset value of the Fund, fund management People can be redeemed on the same day the proportion of not less than 10% of the total share of the previous day on the premise of the rest of the redemption application for extension. The redemption application transferred to the second working day does not have priority and the redemption amount is calculated on the basis of the net asset value of the fund unit on the open day, and so on, until all the redemptions are made. However, when investors apply for redemption May choose to cancel part of the date of redemption to be canceled. Therefore, when making a redemption application, investors should clearly indicate whether they will withdraw their part of the unredeemed redemption in the event of such a situation, that is, whether to choose "continuous redemption" or "discontinuous redemption." If the investor has not made a choice, it will default to a continuous redemption.

92, redemption fee and redemption amount how to calculate?

Calculation formula: Redemption = redemption fund unit net assets × redemption share

Redemption fee = redemption amount × redemption rate

Redemption Amount = Redemption Amount - Redemption Fee

93, the fund under what circumstances dividend?

In line with the conditions of fund dividends under the premise of the Fund's dividend conditions are:

* The fund returns in the first make up the loss of the previous year, before the year dividends;

* If the fund investment net loss during the current period, no dividends;

* Fund net unit fund dividends can not be less than the par value.

94, what are the ways of fund dividend?

The Fund proceeds distributed in cash. However, investors may choose to adopt a cash dividend method or automatically convert their cash dividends into units that carry out reinvestment (hereinafter referred to as "dividend reinvestment") according to the net unit fund of the day before the dividend payment.

95, investors how to set dividends?

Investors should set up a dividend distribution method when opening a fund account. If no option has been given, E-Fund will default to dividend reinvestment. If investors want to change the distribution of dividends, you should fill in the relevant transaction application form, E-Fonda will be handled in accordance with the transaction business.

96, if you want to change the dividend method should be how to handle?

After investors set the dividend method, they can apply for change of dividend method on any day before the 3 days of dividend registration (including the 3rd day). However, a fund can only specify a dividend method, the last designated way prevail.

Institutional investors to choose or modify the dividend method should be issued an official letter and stamped with the reservation to the teller for handling; individual investors should provide the same information and subscription.

97, dividend fees?

Dividend reinvestment will be exempt from purchase fee; At present, for the cash dividends have not yet levied any fees.

(F) transfer custody

98, what is custody transfer?

Transfer of custody refers to the same investor will be a consignment agency fund shares transferred to another agency business.

99, the Fund how to handle custody transfer?

Investors who need to handle the transfer of custody must go through the fund transfer formalities (transfer) to the institution (place) in advance to know the transfer point code of the institution (place) and go through the formalities at the original custodian institution (place) It is necessary to correctly fill out the code of the agency (place) and agency (place). Investors can choose to go to custody business at the sales organization (or outlets) of any fund.

100, for the transfer of custody business need to submit what information?

The documents and information required for the transfer of custody business shall be the same as the documents and information required for the purchase and redemption.

101, transfer of the share of the tube there is no limit?

Fund holders in the transfer of custody, can be purchased at a sales organization (place) of the fund shares transferred out all at once, you can also partially transferred out, but after the transfer of custody transfer and transferred to the sales agency Of the fund share balance of not less than 500 copies.

102, what is non-trading transfer?

Non-transaction transfer refers to the transfer of ownership of fund shares in the case of non-transaction reasons such as inheritance, gift and judicial enforcement. Among them, the succession refers to the death of the fund holder, the fund units held by his legitimate heirs succession; donation refers only to fund holders will be legally held by the fund units donated to the welfare nature of the foundation or social groups.

103, consignment agencies can handle judicial enforcement business?

Can not.

104, the individual investors for the succession of non-transaction transfer should submit what documents?

The following information documents shall be submitted for the non-trading transfer under the circumstance of inheritance by individual investors: a certificate of succession; a valid legal document and a photocopy of the deceased's deceased person; a copy of the ID card and copy of the heir or the legatee; a completed application form .

105, the institutional investors for donations of non-transaction transfer should submit what documents?

The following documents should be provided for institutional investors to handle non-transaction transfer due to donations: donation notarization certificate; business license or registration certificate of the donator and photocopy of the official seal; identification certificate of the legal representative of the donor; donation Party manager's power of attorney; donator's identity card and a copy of the donor's certificate of registration or registration certificate and a copy of the official seal; completed application form.

106, individual investors for donations of non-transaction transfer should submit what documents?

The following documents and materials shall be submitted by non-trading transfer of individual investors under the circumstances of donation: the donation certificate; the original identification of the donor; the certificate of registration or registration of the recipient and a copy of the official seal; and the completed application form.

107, why do you need to submit the transferee's registration certificate when handling the non-transaction transfer in the case of donation?

In order to prevent money laundering or illegal tax evasion, the current non-transaction transfer under the stipulation of donation is limited to donations to welfare-type foundations or social organizations. Therefore, when handling business, it is required to provide the transferee's registration certificate to examine its Whether it is a well-established welfare institutions or groups.

108, the transferee of non-transaction transfer must first open a fund account it?

Yes, the assignee of a non-transaction transfer must first open a fund account.

109, for non-transaction transfer fee? Who charge?

Yes, for non-transaction transfer to charge a certain transfer fee, and by the transferee.

110, non-transaction transfer business process is like?

After the consignment agency receives the application for non-transaction transfer, the relevant documents and materials will be faxed to the fund management company on the same day and the original information will be mailed to the fund management company. If the original is unique and the investor needs to keep the original, the teller can return the original to the customer and mail a copy of the business seal stamped with the sales agent to the fund manager. If the client does not need to keep the original, the consignment firm should send it by post To fund managers. E Fund received the non-transaction transfer written information original within two months to process non-transaction transfer applications, and in dealing with the non-transaction transfer business, the relevant information will be notified to the consignment agency.

(8) Freeze and thaw

111, consignment agencies can handle freezing and thawing business?

No, freezing and thawing operations can only be handled by the registry of the fund management company