The TER for the underlying funds are as follows and this is earned directly by the fund manager –

The TER for MoneyOwl CPF portfolios are as follows –

These fund level expenses are not deducted from units but are integrated into the fund: their impact is incorporated into the NAV of the fund and thus reflected in fund performance.

MoneyOwl had co-created these share classes with the fund managers – and they are the first unit trusts under CPFIS to be adviser retrocession-free, which means that is has no hidden trailer commissions to advisers. Investors also do not need to manage troublesome trailer fee rebates, which are ultimately subject to an advisory firm’s business strategy. We hope to change the game on CPFIS investing by hard-wiring retrocession-free funds so investors can invest with low-cost yet high-quality funds in the most convenient way.