Management fees are paid to fund managers. The management fee has an annual rate, which is calculated and accumulated daily, extracted from the fund assets and paid to the fund company on a regular basis. This is the main source of fund companies.
Every fund will have a management fee. Regardless of the fund's profit or loss, management fees are charged every day, which is the main business income of the fund company.
The expenses generally concerned are all one-time transaction expenses, such as subscription fees, redemption fees, conversion fees, etc. Fund companies do not rely on these expenses to survive.