1. There are usually some professional market participants, and institutional investors have a large amount of funds. When the market fluctuates or reverses, there may be a certain amount of redemption operations, and short-term redemption fees will have an impact on the debt-based yield of large funds. Therefore, reducing the short-term redemption fee provides an exit mechanism for institutional investors to quickly respond to changes in the interest rate market, which is helpful to enhance the investment experience of customers.
2. In addition, some public investors said that due to the fierce competition within the fund industry, the income difference of various institutions at the asset end is too great, and the balance between supply and demand is broken, and institutional customers may have requirements for lowering the rate; Another possibility is that part of the public offering is to set up a new fund and temporarily seek a "helping fund" from the institution. Such products are held for a short time, so it is not appropriate to charge short-term redemption fees. There will also be a clause exempting redemption fees within 7 days.
3. From the perspective of pure debt fund with relatively high institutional share, the proportion of products free of redemption fee for 30 days is still the mainstream, but the proportion of products free of redemption fee for 7 days is also close to 20%. Many people in the industry believe that the phenomenon of holding seven-day redemption fee in the future may not expand rapidly. The rate design of Public Offering of Fund products will comprehensively consider the influence of multiple factors such as product type, channel characteristics and investor demand. Therefore, it is very important to grasp the development prospect of products.
First, the products free of redemption fee for seven days are basically based on the debt of institutional investors, and the liquidity requirements of these institutions are relatively consistent;
Second, for the debt base dominated by individual investors, the main sales channels at present are the Internet tripartite platform and banking channels. In the setting of redemption fees for many products, a considerable part of them are not classified as fund assets and will be handed over to consignment agencies, so the consignment channels have no incentive or willingness to reduce redemption fees;
Third, fund companies earn management fees. Naturally, they want customers to hold it for a long time, and they want to limit the holding period in the terms. So some foundations limit it through redemption fees.