This question is somewhat unclear. I don't know whether this channel fee refers to the transaction commission paid by the fund when opening an account with a brokerage firm or the management fee charged by the fund for the channel business. If it is the former, it is the trading commission for the fund to conduct securities trading; If it is the latter, it refers to the fees charged by the fund as a channel (the source and investment of funds are designated by the client, and the fund only designs products and programs and does not bear risks). This ratio is very low, generally at the level of several ten thousandths.