Fund transaction costs, fund transaction costs refer to the basic costs incurred in the continuous fund transaction process, generally including subscription fees, subscription fees, redemption fees, private equity fund transfer custody fees, conversion fees, etc. Fund operating expenses, fund operating expenses refer to the expenses incurred in the operation of private equity funds, which are usually deducted from the fund assets, which may reduce its value. Operating expenses include: management fees, custody fees, continuing sales fees, securities trading fees, information disclosure fees, accountant fees related to the fund, attorney fees, etc. , generally in accordance with state regulations. Subscription fee is a one-time fee that investors need to pay when they subscribe for funds during the fund raising period. Subscription fees are mainly used for various expenses incurred during the recruitment period such as marketing, sales and registration. The specific subscription fee rate varies with different fund types, and is usually 1%-3% of the amount promised by investors. For example, if an investor buys a private equity fund with a subscription rate of 1%, the investor needs to remit10/10,000 yuan into the bank account.