Punitive redemption fee is a punishment for short-term speculative funds: "For stock funds (excluding ETFs) and hybrid funds that charge sales service fees, investors who have a continuous holding period of less than 30 days are charged a redemption fee of more than 0.5%, and the above redemption fee is fully included in the fund property; Equity funds (excluding ETF funds) and hybrid funds that do not charge sales service fees charge more than 1.5% for investors with a continuous holding period of less than 7 days, and more than 0.75% for investors with a continuous holding period of less than 30 days. The above redemption fees are fully included in the fund property. " Monetary funds have never seen punitive ones, because they are difficult to speculate, and those who can afford the price of monetary funds have also participated in a large amount of money.

Fund, in English, refers to a certain amount of funds set up for a certain purpose. It mainly includes trust and investment funds, provident funds, insurance funds, retirement funds and funds of various foundations.

From the accounting point of view, capital is a narrow concept, which refers to funds with specific purposes and uses. The fund we are talking about mainly refers to the securities investment fund.

According to different standards, securities investment funds can be divided into different types:

1. According to whether the fund unit can be increased or redeemed, it can be divided into open-end funds and closed-end funds. Open-end funds are not traded on the market (as the case may be), but are purchased and redeemed by banks, brokers and fund companies, and the fund scale is not fixed; Closed-end funds have a fixed duration and are generally listed and traded on the stock exchange. Investors buy and sell fund shares through the secondary market.

2. According to different organizational forms, it can be divided into corporate funds and contractual funds. A fund is established by issuing fund shares to establish an investment fund company, which is usually called a corporate fund; The establishment of fund managers, fund custodians and investors through fund contracts is usually called contractual funds. China's securities investment funds are all contractual funds.

3. According to the difference of investment risk and income, it can be divided into growth fund, income fund and balanced fund.

4. According to different investors, it can be divided into four categories: bond fund, stock fund, money fund and hybrid fund.