第一,基金的发行存在债券化的倾向。债券的特点在于保底保息,收益固定,风险较小。而基金收益的高低则完全视基金管理的业绩而定,因此,其收益不能确定,投资人须承担一定的风险。从几家典型的投资基金上市公告书中,人们可以看出基金发行人对基金的收益有程度不同的承诺,有些甚至规定了收益率,从而使基金本身缺乏风险性,给投资者以误导。 First, there is a tendency of bond issuance. Bonds are characterized by guaranteed interest, fixed income, the risk is small. The level of fund returns is entirely dependent on the performance of fund management may be, therefore, its revenue can not be determined, investors must take certain risks. From the announcement of several typical investment fund announcements, one can see that fund issuers have varying degrees of promises on fund returns, and some even stipulate rate of return, so that the fund itself lacks risks and misleads investors.