ASIC Corporations (Disclosure of Fees and Costs) Instrument 2019/1070
218AManagement fees and costs, performance fees and transaction costs for a collective investment product
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218A Management fees and costs, performance fees and transaction costs for a collective investment product
Management fees and costs
(1) The example of management fees and costs for an investment option offered by a managed investment scheme is applied to an amount of $50,000 or an amount that is a multiple of $50,000 if clause 215 applies.
(2) If there is a range in the amount of management fees and costs that may be charged for an investment option offered by a managed investment scheme, the example must use the highest management fees and costs in the range.
(3) Any dollar based management fees and costs that are deducted directly from a product holder’s account must be shown separately in the management fees and costs cell.
Example 1: Management fees and costs: 2% deducted directly from your account + 1.6% deducted indirectly.
Example 2: Management fees and costs: $52 per year ($1 per week) deducted directly from your account + 1.6% deducted indirectly.
Example 3: Management fees and costs: $52 per year ($1 per week) + 1% deducted directly from your account + 1.6% deducted indirectly.
Performance fees
(3A) The example of performance fees for an investment option offered by a managed investment scheme is applied to an amount of $50,000 or an amount that is a multiple of $50,000 if clause 215 applies.
(3B) Where the amount for performance fees is negative, the amount of performance fees in the example must be zero.
(4) The example of transaction costs for an investment option offered by a managed investment scheme is the amount of transaction costs net of any amount recovered by the buy-sell spread, applied to an amount of $50,000 or an amount that is a multiple of $50,000 if clause 215 applies.
(5) If there is a range in the amount of transaction costs that may be charged for an investment option offered by a managed investment scheme, the example must use the highest transaction costs in the range.