Up to now, dozens of fund companies, such as Tian Hong Fund, Huaxia Fund and E Fund, have issued suggestive announcements on adjusting the opening hours after the implementation of the index fuse mechanism. Among them, the main thing that may affect investors' operation is whether investors can handle fund redemption, conversion and other related businesses after the index is blown.
The current fund adjustment scheme is divided into two situations: "small fuse" and "big fuse". If there is a "small fuse" in which Shanghai Stock Exchange and Shenzhen Stock Exchange resume trading on the same day, the opening hours of all publicly raised funds under the Company will not be adjusted. He Fajie, a researcher at Jinniu Wealth Management Network, explained: "Judging from the arrangement of fuses by most fund companies, we should try our best to meet the liquidity requirements of ordinary people. If the fuse only occurs in the session and only 5% of the fuse line is triggered, the opening time of the publicly raised fund will not be adjusted, that is, the subscription redemption and liquidity will not be affected. "
"It should be emphasized that not all fund products are suitable for fuse mechanism," He Fajie said. At present, most QDII funds, money market funds, wealth management bond funds and bond funds, which are not included in the scope of fund contract investment, are not directly related to the fuse mechanism in the A-share market.
However, it should be noted that almost all domestic equity fund products that can participate in domestic equity investment, including equity funds, hybrid funds, equity ETFs and their linked funds, QDII funds and bond funds, are subject to the fuse mechanism, and both valuation and redemption need to be adjusted.
"Big fuse" adopts the principle of "preemptive strike"
According to the fuse mechanism, when 7% fuse comes or 5% fuse occurs after 15 minutes before closing, the trading of the day has stopped, and the principle of "big fuse" should be applied to fund redemption.
In the case of "big fuse", all applications for fund purchase and redemption, fixed investment, fund conversion and other transactions or businesses are suspended. If the closing time of Shanghai and Shenzhen stock exchanges is inconsistent due to the fuse rule, the earlier principle shall prevail, that is, the earliest closing time of the exchange shall be the deadline for business processing. Changes in subscription, transfer custody and dividend distribution methods are not affected by the above-mentioned opening hours adjustment.
What should citizens do if they still submit redemption applications from the fuse to the closing of the market? There are two situations: first, the application submitted through the fund company's direct sales counter and online trading system will not be invalidated and will be processed on the next trading day; However, if you don't apply at the direct sales counter or official website, you need to ask the agency channel and handle it as appropriate.
It should be emphasized that when the index is blown, in order to protect the interests of the original holder, the fund manager can delay the payment of the fund redemption according to the agreement in the fund contract. This means that in the case of "big fuse", the liquidity of the fund may be temporarily affected.
"Overall, under the fuse mechanism, fund redemption and exchange should generally maintain the principle of multiple synchronizations, namely, daily limit synchronization, time synchronization and redemption synchronization. In addition, the business rules of each fund company should be consistent. "