One is the expenses borne by fund investors themselves in the process of fund sales, including: (1) subscription fees, that is, the fees charged to investors who purchase funds during the fund raising period. In order to encourage investors to buy funds during the fund-raising period, the subscription rate set by many funds is lower than that after the fund is established. (2) Subscription fee is the fee charged by investors when they subscribe. According to the laws of China, the subscription rate shall not exceed 5% of the subscription amount. At present, the subscription rate of domestic open-end funds is generally 0% ~ 2% of the subscription amount of 65438+, and there are multiple rates, and the applicable rate for large subscription is also low. Generally, the highest level is 6.5438+0 million yuan or less than 500,000 yuan, and retail investors should be considered as the highest level. (3) Redemption fee: Redemption fee is the fee deducted from the redemption money when the investor redeems. China law stipulates that the redemption rate shall not exceed 3% of the redemption amount, and the balance of the redemption fee income after deducting the basic handling fee shall be owned by the fund. (4) Transfer custody fee.
The other category is the expenses incurred in the process of fund management, mainly including:
(1) Fund management fee: Fund management fee refers to the fee paid to the fund manager who actually uses the fund assets and provides professional services for the fund, that is, the remuneration collected by the manager for managing and operating the fund. The annual rate of fund management fee is calculated according to a certain proportion of the fund's net asset value, and the fund management fee varies greatly with different risk-return characteristics, such as 0.33% for money market funds, 0.65% for bond funds and 1%- 1.6% for stock funds. Take the management fee of Huaxia Fund as an example. The stock fund Huaxia Renaissance is 1.5%, the index fund Huaxia CSI 300 is 0.50%, the mixed fund Huaxia Market is 1.5%, the bond fund Huaxia Bond A/B is 0.60%, Huaxia Bond C charges 0.30% sales service fee because it does not charge subscription and redemption fee, and the monetary fund Huaxia Cash. At present, China's closed-end funds accrue fund custody fees at the rate of 0.25%. The fund management fee is accrued daily by multiplying the net asset value of the previous day by the management rate and paid monthly. The management fee is accrued daily and paid by the custodian to the fund manager in one lump sum from the fund assets at the end of the month.
(2) Fund custody fee: Fund custody fee refers to the fee charged by the fund custodian for providing services to the fund, such as the fee charged by the bank for keeping and disposing of the trust property of the fund. Custody fees are drawn according to a certain proportion of the fund's net asset value, which is usually 0.25% at present. They are accumulated daily and paid to the custodian monthly. This fee is also paid from the fund assets and does not need to be charged to investors separately. Its rate also varies with different fund types. The custody fees of Huaxia Fund are still 0.70% for Huaxia Renaissance, 0.50% for Huaxia CSI 300, 0.25% for Huaxia Market, and 0.20% for Huaxia A/B and C.
(3) Fund operating expenses: mainly including investment transaction expenses, fund information disclosure expenses, accountant fees and attorney fees related to the fund, and holders' meeting fees, etc. As the operating cost of the fund, these expenses and expenses account for a small proportion of the net asset value, which are usually determined in advance in the fund contract and paid according to relevant regulations.
The above three expenses are directly deducted from the fund assets, and the holder does not need to pay separately. According to the current method, regardless of the investor's profit and loss, the management fee of the fund company will be raised as usual, which can be described as "drought and flood protection". Many citizens are deeply dissatisfied with this.