The expenses involved in fund operation can be divided into two categories: one is the expenses borne by fund investors themselves in the process of fund sales, mainly including subscription fees, redemption fees, fund conversion fees and so on. These fees are charged directly from the investor's subscription, redemption or conversion amount. The other category is the expenses incurred in the process of fund management, mainly including fund management fees, fund custody fees and holders' meeting fees. These expenses are borne by the assets of the fund.

Knowledge points: understand the types of fund fees;