It is precisely because of this provision that many investors pay special attention to the "7-day" period and want to avoid the "punitive redemption fee".
First, why should a "punitive redemption fee" be set?
On the one hand, the short-term operation of the fund will affect market stability.
The fluctuation range of A-share market is much larger than that of US stock market, among which there are many short-term operators, which is one of the main reasons. Fast forward and fast out of funds will encourage irrational sentiment in the market and help retail investors chase up and down, which is extremely unfavorable to the long-term development of the market.
On the other hand, the short-term operation basis affects the operation of the fund, which in turn affects the rights and interests of investors.
The stability of fund funds is one of the prerequisites for fund managers to make strategic investments. Short-term operators will disrupt the operation strategy of fund managers and affect the performance of funds, which is extremely unfair to investors who hold funds for a long time.
Therefore, the relevant departments have issued new regulations on liquidity management to guide investors to hold funds for a long time, and "7 days" is the minimum time for holding funds recommended by the regulatory authorities.
Second, how to calculate the holding time of "7 days"?
According to the new regulatory regulations, the calculation rule of the fund holding period is "the day when the fund subscription is confirmed and lasts until the day before the fund redemption is confirmed". However, due to the different confirmation trading rules of funds, some are "T+ 1" and some are "T+2", so the calculation methods of different funds are slightly different.
For example, if your position fund is a "T+ 1" confirmation transaction, and you subscribed for this fund before July 22nd 15:00, then the subscription confirmation date of this fund is July 23rd. Then, you must apply for redemption of this fund before June 29th 15:00, so as to ensure that this fund can be held for "7 days".
Similarly, QDII fund and FOF fund are "T+2" confirmed transactions, so it needs to be postponed accordingly when calculating the fund holding time.
When calculating the holding time of the fund, we must first confirm the trading rules of the fund and make clear its confirmation trading cycle, otherwise it will be prone to misjudgment.
In my opinion, don't pay too much attention to the "seven days" holding period, which is only the "minimum holding period" stipulated by the relevant departments. Unlike stocks, funds are not suitable for short-term operation because of their high transaction cost and long transaction cycle, and the probability of obtaining positive returns from holding funds for a long time is higher.