The transaction fee (commission) of closed-end funds is generally between 0.25% and 0.30%, which is for the stock exchange. Fund management fees are regularly drawn in proportion to the market value of stocks, bonds and other varieties held. The specific proportion depends on the contract at the time of issuance. The net value we see is after extracting the management fee. At ordinary times, Jifeng refuses to pay dividends, one of the important reasons is to get more management fees (the market value will drop after dividends, and the management fees will naturally be less). However, there are also some fund management companies that buy their own foundation seals in order to obtain more income, such as E Fund Management Company, which is the most typical one. You can see the shareholders of Corey and Hui Ke.