Please refer to the Prospectus for more details of the management fees and other applicable fees, charges and expenses# of the constituent funds.
- Management fee includes fees paid to the sponsor or promoter (if any), the trustee, custodian, administrator, and investment manager/manager for providing their services to the relevant fund. They are usually charged as a percentage of the net asset value of the relevant fund. In the case of the DIS Funds, management fees payable to the parties named above, or their delegates, can only (subject to certain exceptions in the MPF Ordinance) be charged as a percentage of the net asset value of a DIS Fund. These management fees are also subject to a statutory daily limit equivalent to 0.75% per annum of the net asset value of the relevant DIS Fund which applies across both the relevant DIS Fund and its underlying investment fund(s).
- For the Guaranteed Fund, the total fees of 1.425% p.a. include the fees payable to the Sponsor, the Investment Manager, the Trustee, the management fee payable to the manager of the underlying APIFs including approved ITCIS in which the Guaranteed Fund invests (excluding the guarantee charge) and other charges and expenses payable out of the Guaranteed Fund.
- For the MPF Conservative Fund, all fees, charges and expenses will only be payable out of the fund to the extent permitted by the MPF Ordinance and the MPF General Regulation. Fees and charges of an MPF Conservative Fund can be deducted from either (i) the assets of the fund or (ii) members’ account by way of unit deduction. The MPF Conservative Fund uses method (i) and, therefore, unit price/net asset value/fund performance quoted have incorporated the impact of fees and charges. The Sponsor will bear any charges or expenses attributable to the MPF Conservative Fund which are not permitted to be payable out of the MPF Conservative Fund.
- In respect of the Management fee in note 1 above, the fees paid to the Sponsor are subject to a maximum rate of 1% p.a., the fees paid to the Investment Manager are subject to a maximum rate of 2% p.a. and the rate of trustee fee is subject to a maximum rate of 1.5% p.a.. The Trustee is also entitled to receive various transaction and processing fees in accordance with its normal scale of charges. The sponsor’s fee, the management fee and trustee fee are calculated and accrued on each valuation date and are paid monthly in arrears.
- This includes fees paid to the trustee and administrator, and manager of each Approved Pooled Investment Fund managed by the Investment Manager ("Invesco APIF"). Global Bond Fund, Capital Stable Fund, Balanced Fund, Growth Fund, Asian Equity Fund, Hong Kong and China Equity Fund and RMB Bond Fund invest in Class B Units of the Invesco APIFs. Currently Class B Units of the Invesco APIFs do not bear management fees. The fee paid to the trustee and administrator may be increased up to a maximum rate of 1% p.a. on giving not less than 3 months’ notice to affected investors in the Invesco APIFs. This fee accrues daily is calculated on each dealing day and is paid monthly in arrears.
- Guarantee charge refers to an amount that is deducted out of the assets of the Approved Pooled Investment Fund guaranteed by Principal Insurance Company (Hong Kong) Limited ("PIC APIF") on each dealing day and credited to the reserve fund maintained by the Guarantor for the purpose of providing the guarantee. This fee is charged as a percentage of the net asset value of the PIC APIF.
- This includes the management fee of up to 0.05% p.a. payable to the manager of the underlying ITCIS and the trustee fee of up to 0.05% p.a. payable to the trustee of the underlying ITCIS.
- In accordance with the MPF legislation, the aggregate of the payments for services of the DIS Funds must not, in a single day, exceed a daily rate of 0.75% per annum of the net asset value of each of the DIS Funds divided by the number of days in the year and the total amount of all payments that are charged to or imposed on a DIS Fund or members who invest in a DIS Fund, for out-of-pocket expenses incurred by the Trustee on a recurrent basis in the discharge of the Trustee’s duties to provide services in relation to the DIS Fund, shall not in a single year exceed 0.2% of the net asset value of the DIS Fund. Members should note that out-of-pocket expenses that are not incurred on a recurrent basis may still be charged to or imposed on a DIS Fund or members who invest in a DIS Fund and such out-of pocket expenses are not subject to the above statutory limit.
#Other applicable fees, charges and expenses include but not limited to joining fee, annual fee, contribution charge, offer spread, bid spread, withdrawal charge and other expenses. For details, please refer to the Prospectus.