The management fee of the closed-end fund is accrued at the annual rate of 65,438+0.5% of the net asset value of the previous day, accumulated daily to the end of each month, and paid monthly. At the same time, the fund custody fee is accrued at the annual rate of 0.25% of the net asset value of the previous day, accumulated daily to the end of each month, and paid monthly. The first two expenses have been excluded when calculating the net value of the fund, but please note that the net value of closed-end funds is not equal to the transaction price. When individual investors buy and sell closed-end funds through brokers, they only need to pay the trading commission payable to brokers, and the commission standard is generally not more than three thousandths. If your trading volume is large, the brokerage firm will give you a bigger commission discount. There are other expenses that can be ignored.

Closed-end funds belong to trust funds, which means that the total amount of approved fund shares is fixed within the term of the fund contract. Fund shares can be traded on legally established stock exchanges, but fund share holders may not apply for redemption. The relationship between open-end fund and closed-end fund: the isomorphism of open-end fund and closed-end fund has become two basic modes of fund operation.