The fifth batch of interbank depository index funds is the first 10,000-funded fund, which is also the ninth popular fund of its kind this year. Chuangjin Hexin, Bank of China and Guolian Fund are still selling.
On June 16, Wanjia Fund announced that its Wanjia CSI Interbank Depository AAA Index 7-day holding period securities investment fund ended its offering ahead of schedule.
According to the announcement, the Wanjia CSI Interbank Depository Index Fund started raising on June 10, and the original subscription deadline was June 23. The fund manager has decided to end the fundraising ahead of schedule, that is, the last fundraising day of the fund is June 21, and no subscription applications from investors will be accepted from June 22 (inclusive). The upper limit of the fund raising scale is RMB 10 billion (excluding interest during the raising period).
Caijingwang Finance noticed that at a time when the issuance of equity funds was bleak, the interbank certificate of deposit fund became this year’s “explosive money”. As of June 17, 22 interbank depository funds have been established in the market, with a total scale of over 150 billion yuan. There are 6 interbank depository funds established this year with a scale of more than 10 billion yuan, and 2 are close to 10 billion yuan.
As a popular product in the new fund market this year, the publicity and promotion of the interbank certificate of deposit index fund has also attracted regulatory attention.
It is especially important not to use expressions such as “currency-like” and “currency substitution” that imply that products are equivalent to cash management products, and at the same time fully reveal the risks of the products, including the risk of net value fluctuations and product redemption risks.
The scale of the company’s fixed income business cannot be emphasized; the historical returns of the underlying index of the interbank deposit certificate index fund cannot be promoted; the historical performance of the proposed fund manager in management of other fixed income funds cannot be recommended; the materials should fully disclose the risk of net value fluctuations in the product.
In addition, the supervision also requires that the 10 billion cap is controlled during the raising and subsequent operation of interbank depository funds. Among the interbank certificates of deposit funds that have been established and are being issued, the minimum subscription amount for each fund account is 1 yuan, and the upper limit of the raising scale of 10 billion yuan is implemented, and the principle of “proportional confirmation” is adopted for effective scale control.
Caijingwang Finance has noticed that some fund companies have begun to limit the size of such funds, while others are constantly adjusting the subscription limit.
On June 17, the Southern China Securities Interbank Depository AAA Index 7-day holding period securities investment fund announced that in order to protect the interests of fund share holders, the fund lowered the maximum purchase limit. Specifically, starting from the 17th, the fund’s subscription and fixed investment quota arrangement will be adjusted from no more than 1 million yuan (the application amount for subscription and fixed investment is combined) to no more than 100,000 yuan (the application amount for subscription and fixed investment is combined). The fund manager has the right to reject all or part of the application for subscription and fixed investment that does not meet the above limit requirements.
The Southern Fund announced on June 14 that the fund’s limited subscription amount has just been adjusted from 100,000 yuan to 1 million yuan. On June 11, the fund adjusted the limit of 1 million yuan to 100,000 yuan.
Up to now, 10 of the 22 products have been suspended for subscription, and 4 of the first 6 products have been suspended for large-scale subscription.