ETFs - management costs

The management costs for the ETF incorporate all relevant fees and other costs involved in managing the ETF and deriving investment returns, other than transaction and operational costs. They include:

* the responsible entity fee
* custodian fees (excluding transaction based fees)
* index licence fees
* registry service fees; and
* any other recoverable expenses under the constitution of the fund, such as the cost of preparing and amending the constitution, the cost of producing the PDS, the cost of investor meetings, postage and other fund administration expenses.

The management cost for the ETF is calculated as a percentage of the ETF’s net asset value. The fee is accrued daily and paid monthly. The fee for a month is paid on or after the first day of the following month. This fee is taken from the assets of the fund and is reflected in the daily unit price.
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