There are transaction costs associated with the buying and selling of the Fund’s underlying investments incurred by external underlying fund managers such as brokerage, external buy/ sell spreads, settlement costs, clearing costs and stamp duty on investment transactions. Transaction costs disclosed are an estimate based on transaction costs paid in the previous financial year. These transaction costs, where relevant, are an additional cost to investors, deducted from the investment option daily before the unit prices have been struck, so you won’t see this fee in your account.