The Portfolio Management Fee is accrued daily and deducted on a quarterly basis.

Example of calculation as below:

a. Daily Portfolio AUM - value of your portfolio holding, based on its respective daily indicative price.

b. Average Daily Portfolio Management Fee - Annual Portfolio Management Fee/ Number of days in a year.

Example: Average Daily Portfolio Management Fee = 0.5%/365 days = 0.0013698630%

c. Portfolio Management Fee (quarter) = sum of Daily Portfolio AUM x Average Daily Portfolio Management Fee.