Study On Operation And Supervision Mode Of American Managed Futures

Futures Fund is an investment tool, by which the professional investment institutions carry out the main investment transactions, the investors take risks and enjoy the proceeds through fund-raising. In the modern economy it plays an important role. Fund industry has grown into one of the four pillar industries of the financial system together with the banking, securities and insurance in the 21st century.This paper may find out the root of the American managed futures' rapid development through the development process, functional characteristics, operation mechanism, and the regulatory model study find, then explore the path of China's development on it. The paper is divided into five parts: The first part explained the concept and related investment funds futures theory. Highlights of modern portfolio theory, the important guiding role of capital asset pricing theory to investment funds futures, and in this part also introduced Treynor measure, assess and Sharp Johnson Alpha measure three indicators measure portfolio investment funds, which can be integrated into the three indicators of risk and benefits fund.The second part introduced the American futures and the course of development of investment funds function. In 1949 Americans Richard established the world's first managed futures, Dunn and Hargitt established the first well-known investment funds futures accounts, which after managed futures gradually developed. Since the beginning of the 1980s, the American futures fund developed much rapidly, from 1980 to 2005 of 300 million US dollars to over 1,300 million, an increase of 400 times. American funds with futures trading and fund management dual nature of its assets could be added to a traditional stock and bond portfolio composition, a lower portfolio volatility risk, and optimize the role of the portfolio, while also better protect the interests of medium and small investors.