The expenses of the Fund include transactional expenses and non-transactional expenses.

The subscription fee and redemption fee are called transaction fees, which are the fees that investors need to pay when buying and selling.

The money fund does not have these two fees.

But non-transaction costs, such as management fees, custody fees and sales service fees, are definitely there.

Management fee is the main source of income for fund companies, and custody fee is the source of income for custodian banks.

These expenses are directly deducted from the total assets of the fund.

This fee exists in any fund.