According to the Australian Securities and Investments Commission $($ASIC$),$ a managed investment scheme $($MIS$),$ commonly known as a managed fund, exists where:

Question $1$ options:

$1)$

people are brought together to contribute money to obtain an interest in the scheme.

$2)$

money is pooled together with other investors or used in a common enterprise.

$3)$

a responsible entity operates the scheme and hence investors do not have day$-$to$-$day control over the operation of the scheme.

$4)$

all of the above.