No. The funds making up MoneyOwl’s portfolios are the first CPFIS funds in Singapore structured to be adviser retrocession-free, hence MoneyOwl has no trailer fees to rebate. These share classes were initiated and co-created by MoneyOwl, with the fund managers. We do this to introduce the concept of simple portfolios to simplify the experience for CPF investors. The new share classes not only lowers the cost of investing, but also eliminates the wait for fee rebates and the need to reconcile the fund’s investment outcome with rebates received. Such share classes hardwires the benefit of being adviser retrocession-free into the funds’ structure, which is in line with MoneyOwl’s philosophy of providing “conflict free financial advice”. It helps to permanently lower investors’ expense, making retrocession free share classes eventually available across all platforms and not dependent on any adviser or any advisory firm’s business strategy. It is a significant step in lowering structural costs and providing simple and fit-for-purpose CPF investment solutions, to enable better investment outcomes for Singaporeans.