First of all, it is clear that the management fee will not deduct your subscription funds. Management fee is the fund company's fee for managing the fund, which is informed and deducted from the net value of the fund. It has nothing to do with subscription funds.

The subscription fee is charged through external deduction. Precisely

Net subscription amount = subscription amount /( 1+ subscription rate), subscription fee = subscription amount-net subscription amount, subscription share = net subscription amount on the subscription day/net fund share value.

The rate is relative, the front end 1.5%, and now the fund direct sales is 40% off, which becomes 0.6%.

Let me calculate for you: 20000 divided by (1+0.6%)= 19880.72 net subscription amount.

Subscription fee = 20000-19880.72 =119.28 yuan.