1. Characteristics of two calculation methods
Internal buckle method
The "internal deduction method" is aimed at the net subscription amount, that is, deducting the subscription fee from the total subscription amount; Multiplication is used in the calculation, which is simple.
External deduction method
"External deduction method" refers to the subscription amount, which includes subscription fee and net subscription amount; It is complicated to use division in calculation.
2. Formulas of two calculation methods
Internal buckle method
Subscription fee = subscription amount subscription rate,
Net subscription amount = subscription amount-subscription fee,
Subscription share = net subscription amount/net fund share value of the day.
External deduction method
Subscription fee = subscription amount-net subscription amount,
Net subscription amount = subscription amount /( 1+ subscription rate),
Subscription share = net subscription amount on the subscription day/net fund share.
3. Examples of two calculation methods
For example, an investor plans to invest 65,438+10,000 yuan to subscribe for a fund, the subscription rate is 1.5%, and the net value of the fund unit is 1.00 yuan.
Internal buckle method
Subscription fee = subscription amount Subscription rate =100001.5% =1.500 yuan;
Subscription share = (subscription amount-subscription fee)/fund unit net value = (100000-1.500)/1.00 = 98500.
External deduction method
Net subscription amount = subscription amount /( 1+ subscription rate) =100000/(1+1.5%) = 98522.17 yuan.
Subscription fee = subscription amount-net subscription amount = 1, 477.83 yuan;
Subscription share = net subscription amount/net value of fund share on the subscription day = 98,522.17/1.00 = 98,522.17.
4. Which method is beneficial to investors?
According to the above calculation, we can see that:
1) The subscription fee obtained by "external deduction method" (1477.83 yuan) is less than that obtained by "internal deduction method" (1500 yuan);
2) The subscription share of "external deduction method" (98,522.17) is more than that of "internal deduction method" (98,500).
The answer is obvious, the external deduction method is more beneficial to our investors!
5. The CSRC requires fund companies to adopt the external deduction method uniformly.
In March 2007, China Securities Regulatory Commission issued Document No.2007. 10, that is, the notice on issues related to unifying and standardizing the calculation methods of subscription fees and subscription shares of securities investment funds, requires fund companies to adjust the calculation methods of subscription fees and subscription shares of funds to "external deduction method" within three months after the publication of this document.
Remind fund investors that some articles and some fund sales customers still use the formula of internal deduction method when explaining fund expenses. Please be careful not to be misled.
To sum up, this resolution of the CSRC is based on the protection of our investors. Although there is little difference between the two calculation methods for small investors, it is still good for investors to pay less subscription fees and collect more subscription shares at the same amount.