دليل المستشارين الاستثمارية | كل ما تحتاج معرفته عن رسوم الصناديق

（来源：SSE ETF Home）

来源：Huatai Securities Submission

Investing in a fund generally involves these operations: buying, holding, and selling. According to the categorization of investment operations, fund fees are divided into transaction-type fees (buying, selling) and operation-type fees (holding). Among them, transaction-type fees mainly include subscription fees, offering fees, redemption fees, and so on. Operation-type fees mainly include management fees, custody fees, sales service fees, and so on. Recently, public funds have reduced fees; mainly, they are reducing the management fee rate and the custody fee rate within operation-type fees.

PART 1

Transaction-type fees

In fund investment, transaction-type fees—such as subscription fees, offering fees, and redemption fees—are generally paid once at the time of trading.

01 Offering fee / Subscription fee

An offering fee or a subscription fee is the commission paid when purchasing a fund. Among them, the offering fee applies to newly issued funds, while the subscription fee applies to older funds.

The offering fee rates and subscription fee rates of different types of fund products vary. For example, for active funds, the offering/subscription fee rates are generally higher than those of passive index funds; for equity funds, the offering/subscription fee rates are generally higher than those of bond funds.

At the same time, some funds’ offering/subscription fee rates are also linked to the offering/subscription amount. The larger the scale, the more discounts the corresponding fee rates may receive.

02 Redemption fee

A redemption fee is the fee that investors need to pay when they sell a fund product. The level of a fund redemption fee depends greatly on the holding period. To encourage long-term investment, generally, the longer the time holding a fund, the more the redemption fee rate decreases in steps. If you hold a fund for less than 7 days, the redemption fee may be as high as 1.5%; the longer the holding period, the lower the corresponding redemption fee may be.

Figure: Redemption fee rate for Class A shares of a certain public fund

Data source: Eastmoney, Xinxi Research Institute.

PART 2

Operation-type fees

Operation-type fees of a fund refer to the fees incurred during the fund’s operation process, generally accrued on a daily basis and deducted from fund assets, including fund management fees, custody fees, sales service fees, and so on.

01 Management fee

A fund management fee is the management remuneration paid to the fund manager, accrued based on the fund’s net value. Generally, the fund company sends an instruction for the payment of the management fee to the fund custodian; after the fund custodian reviews and verifies it, the management fee is paid from the fund property to the fund manager.

02 Custody fee

A fund custody fee refers to the fee charged by the fund custodian for the custody and disposal of fund assets; the fund custodian is generally a bank, securities firm, etc. Custody fees are typically accrued based on the fund’s net value, accrued daily, and paid monthly.

It is worth noting that management fees, custody fees, and the subscription/redemption fees mentioned earlier are different: subscription/redemption fees are deducted from the investors’ funds, whereas management fees and custody fees are paid from fund assets and do not need to be charged to investors separately.

03 Sales service fee

A sales service fee is generally a charging model for Class C shares of a fund. It effectively turns the subscription/redemption fees collected upfront into fees collected annually and accrued on a daily basis.

Author:

Li Xiaowen S0570622090031

Wu Chunyi S0570619110030

Contact: Liu Guochi

Risk warning:

Financial products involve risk; invest cautiously. The information and data in this material are for reference only. Some sources are from public or third-party channels, and their accuracy, completeness, or reliability is not guaranteed. The opinions or viewpoints expressed in this material strive to be objective and fair, but they have certain timeliness and limitations and are only provided for supplementary reference. Under no circumstances do they constitute an investment recommendation or basis for investors, nor do they equal the actual operational practice of the Xinxi Portfolio strategy. Investors should make their own investment decisions independently and prudently based on their own circumstances, and bear investment risks themselves. Our company has been approved by the China Securities Regulatory Commission for the “Securities Investment Consulting” business; the business license number is: 91320000704041011J.

The copyright of this material belongs exclusively to Huatai Securities Co., Ltd. Without permission, no institution or individual may, in any form such as reposting, copying, publishing, quoting, or redistributing to others, infringe upon the copyright of all content of this material.

MACD golden cross signals form—these stocks are in a great uptrend!

Massive information, precise interpretation—right here in the Sina Finance APP