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Ht le
1h Mutual fnd snd FTF —_
14.1 tte structure and ch-reebrstics of 7 tual rinds a
intergrate the capitgals frm lost of investors, and by mn-gers.
to invest in mny financial products to decrease the risks .
benefirts - you can use thst to invest the high-price stocks
- professionals managers may be with more experience.
1he2.4
by ittaee bepes Qi ys yhuat: fe daieasing
‘khai-hong4 heng5 ki-kim: opem-end #nd- fund-- after releasing, investor
can bu¥ ad sell it.
NAV=Net Asset Value=jing4 zilchan3 jiad4zhi2
hongl-pit4 heng5 kil-kim1: after releasing, investors cannot sell&
(closed-end fund) buy with a investing trusts comp. (tau5-sin3
kong1l-siil-=--she/he has to bell it in a
oncentrated market/ eg-stock exchangerng
T&.2.2 by the object of wnvesting
UTA - . TOW
HA Disk amparicon : der. fin. goods8' ) stock ) debt bond ) gdp te pis Fs
1. stock fnrid - stocks as the origin, more than 70%
2. bond fund - govt., comp, finincl. bonds,&the combination hos the
lifetime more than 1 yr.
kol-siul-ek8 tse7-khoan?-heng5 kil-kim: s credit rate
L is lower.
3. Money market fund (hoe3-pe? chhi?-tiunnS ki-kim)
-a-herbor-teporesrily
a tmp. harbor to store the money e at a short time.
Lf derived fin. good. fund
14.2.3 by the region of investing
- global ) regional ) mono-market
RISK LOW-=--= === TGH
14.2.4 by the object of investing
- aggressive grwth fund ) growth fund ) balance fund ) income fund
tsik-kik8 sing5-tiong2 sing5-tionge ting5-hinge5 siu-ik8-hing5
hinges”) hf h.
persuBbng capital stable incme
gaining.
14.2.5 by the registering place
foreigsa fnod vs domestic fund
T-- may have the loss frm the currency ‘hue3-pe%4) changenug.
but the risk canbe-diluted ‘( di= far; lute=lave=wash)
xi Tshik
14.2.6 by the gathering of money¥8s way
abkone iL pokB (public faith sring)
b)sul-bok8 (private gathering)
14.3 “pecial mutual A akte
14.3.1 ts002- hap8- ~heng5 ki-kim (fund of funds = invest other mutual fi
funds)
14.3.2 suann3-heng5 ki-kim (umbrella funda)
Find A )
Fund 8B) v7 releasing tothe same °t
Fund ¢ ) -~-)) investors can clan
eee Ay By Cy&c.
ime to the investors
ge the rate bewween fund
4
14.3.3 CUaranteed fund; po2-pun2-heng5 ki-kim
Tt pwomise that in the worst situation, the investors can get
a certain rate of the input money. _
14.3.4 multiple asstés fund pond
- investing objects, incl: stocks, Band, mutual fund,s R™IT,&c.
14.3.5 Tndex fund (tsi2-soo3-hing5 ki-kim)
-general stock fund: Active (tsu2-tong7) Management Stretegy)
- Tyndex fund: passive mangmt. Str.
-)0)))) low managing cost, and high #4 turnover-rate
eg. 0050 : mng. cost: 0.7% (tsiu-tsuan2-1tt)
gen. stock fund: 1.2-1.7%
14.4 Exchange Trede Fund; FTF
tsi2=-so03 koo2=phio3-hing5 ki-kim
exthange of similar PSSCE, GombtHath ae CC-)}) HTF stock
diff. bewween "TF and index fund
1. exthange met od: ETF's price #s depends on the market price —
2. =TF8s managemayt cost rate is lower.
3. =ETF's performance is more close to the objects.
TH.4.2 Vateforise! of ETFs
# Traditional | ETF
# Domestic FTF
# Foreign-=2F- components. "TF
# Foreign stock price "TF
. # Connective TTF (lian5-kiat-sik TTF)
# Foreign "TF
#4 # leverage (kong7-kan2-hene5) & inverse PTF
from. latin "levis" kigekht}
light ~
# Fytures (ki5=-hes) "TF
# Bond ETF
VTX (pho-tong?-lut) future PTF - catch on the index of VIY future
VIX --)) ef, CH13
laverage and future "TF have risk about changéng of the rollover |
{nz—tstane—
tshnet)
fee the bond (tse?-khhan7) asd 85 price line sre usually INVERSE
to the stock price's) | ###'#/
14.4.5 The trading practices of ETF
- transaction unit: usually like a stock
- raise#fall limit: domestic : 10%
~ trust trading(sin3-iong7 kaul-@k): fTY is available. to be used in ~
° trust exekenginge--—. transaction
zjn inth beginng. of the releasirg
(tsiunn?-tshi7)
14.5.2ppurchasing methods
1. stenai- once time
2. fixed quantity % fixed period
3. fixed period but movable quantity - 44 Good situ. -)) add more
Bad situ. -’) add less amok
amount
Nuotuo: 1. is better :
Kongtou: 2. & 4. isi better
Panzheng: depends on the changing of the market |
14.5.4 investing pexense of mutual funds Sj haxt pare -
strategy: tshik-liék: (( from Greek strategos(tsiang-kun)
cf.stratagem : tsiean3-Liok-sut <stratos:armytagein: lead
tsian3-stt
14.5.4 the expenses of investing a mutual fund L 4
1. applying and re@eeming cost ¥** TNGRTSH ROGM/SEOMPN RrUPLA***
‘1) redeem = re(d) + e-mere
re- Ltn: buy
T-su: siok8-tng2-khi4
tse —
2. managing and storing cost (2) Aividend: congnated to
'"dbvide"
le
at
4)
ie
14.5.5 the dividends giving method BHP 4ically
dividend will-sive-t- be given to the investors friod
in some PTF.
total benefit/profix = the diffenihate bwtween market price and buying
price + dividend
some "TF manipulator will tnput the dividends to reinvesting the "TF
the high dividend is not always good - you shold also watch the
diff. bewween the price before
and after.
14.5.6 the taxes and health-caring investment supplementing fee
t. domestic fndd : capital gaining (tsul-pun2 117-tik) is tax-free.
dividend income: income tax
forveisn-—fund-
2. foreign f nd: safter=-the-Lowest- mininum tax system starved,
from 2010, if aeah- an investor's basic income quota less thar
65379990909- 6,700,000 or foreign incme less than
1,000,000 (both are in BR®)
the incme from foregn. funds will need no€ to’ +th28d,