Many fund investors have this question. It is not mandatory that the fund can only be sold after it has been held for seven days, but because of such a new regulation: On August 3, 2065438, the CSRC promulgated the New Regulation on Liquidity Risk Management, requiring that "fund companies charge investors who have held the fund for less than seven days a redemption fee of not less than seven days, and require this fee to be included in the fund property."
The purpose of issuing this new regulation is mainly to guide investors to hold funds for a long time, especially for short-term arbitrage investors.
Because in China's stock market, investors are popular in short-term operation, and the funds are fast-forward and fast-out, earning the band income of the stock market. Therefore, most investors copy the short-term trading method of investing in stocks into fund trading.
The fund itself is managed by professional fund managers and advocates long-term investment. On the one hand, the short-term trading of fund investors is not conducive to the stability of fund funds and the long-term profit of investors.
Under the new regulations, fund investors can avoid high redemption fees only after holding them for 7 days. In addition, the fluctuation of the fund itself is relatively small, and the redemption fee has a greater impact on the fund's income.
Therefore, from the perspective of transaction cost, the fund can be effectively reduced only if it is held for at least 7 days.
Monetary funds are not bound by this regulation, because the volatility of money itself is very small. For most investors, the money fund is mainly used as a change management tool, which requires high liquidity.
How to calculate the fund holding for 7 days?
Seven days of fund holding means that the natural number of days between fund trading reaches seven days, including weekends and various legal holidays.
When does the 7-day fund start counting?
The first day of fund holding starts from the fund confirmation date, which is the first day of holding.
If the subscription is made three days before the afternoon of T-day, the Fund will subscribe on T-day and confirm it at T+ 1, which refers to the trading day. If the subscription is made after 3 pm, it will be postponed to the next trading day.
Trading days, natural days and working days
The trading day is different from the natural day. Natural days are normal days, including weekends and holidays. Trading day refers to a day when stock trading can be carried out normally, generally speaking, it is Monday to Friday outside legal holidays.
The trading day is different from the working day. Sometimes due to legal holidays, in order to better arrange holidays, the country will have a holiday, and sometimes it will go to work on weekends. This day may be a working day, but it is not a trading day. At any time, the stock market is usually closed on weekends.
When will the fund buy seven days on Friday?
For example, there are no legal holidays:
If the application is made before 3pm on Wednesday (65438+February 2nd), the confirmation date is Thursday (65438+February 3rd), which is also the first day of holding, and the holding period for 7 days is from February 3rd to 9th (including 9th and weekends).
If the application is made after 3 pm on Wednesday, the confirmation date is Friday (65438+February 4th), which is also the first day of holding. If it is redeemed before 3 pm on February 9, 65438, it is exactly 7 days after the expiration of the holding period.
If the application is made before 3pm on Friday (65438+February 4th), the confirmation date is next Monday (65438+February 7th), which is also the first day of holding. The seven-day holding period is 65438+February 7th to13rd (including13rd, including weekends).
Have you made it clear about the 7-day holding period of the fund now?