Fees associated with the sales process
Upon the purchase, redemption and conversion of participation units (hereinafter: PU) of Santander FIO and Santander Prestiż SFIO funds, the following fees can be charged:
Entry fee is charged upon the execution of a purchase order. The formula for calculating the entry fee is as follows:
Exit fee is charged upon the execution of PU redemption orders. Its value depends on the time of holding PU. The formula for calculating the exit fee is as follows:
Conversion fee is charged upon the execution of PU conversion orders. Its value depends on the time of holding PU subject to conversion. The formula for calculating the conversion is as follows:
These fees are due to the distributor and are defined in the schedule of fees and charges.
Santander TFI may decide to reduce the rate of the sales process fee currently charged.
There is are currently no fees related to the sales process charged in IKE and IKZE operating under the Santander funds.
The rates of fees in IKE and IKZE are specified in the fees and charges schedules.
In the case of a withdrawal, transfer payment or refund within 12 months from the date of concluding the IKE or IKZE maintenance agreement, Santander TFI may charge an additional fee in the amount specified in the IKE maintenance agreement - currently the fee rate is 0%.
Santander TFI may decide to reduce the rate of the fees related to the sales process.
Information about fees in IKE and IKZE can be found in the schedules of fees and charges and here.
Santander PPK SFIO fund does not charge fees associated with the sales process.
Management feesFixed management fee
The sub-fund management fee of the sub-fund is the remuneration of the management company and may be different depending on the sub-fund and participation units category (hereinafter: PU).
- Santander FIO (also under IKE) sells and redeems of PU: A, S, T.
- Santander Prestiż SFIO (also under IKZE) sells and redeems of PU - B.
- Santander PPK SFIO sells and redeems one class of PU (no name).
- In Santander FIO and Santander Prestiż SFIO funds there were established a category of PU sold directly by the fund (D) - about beginning of their sale the Society will inform on the website Santander.pl/TFI.
The published valuations of PU include the management fee and should not be added.
The maximum management fee are indicated in the funds prospectuses in Chapter 3 "Information about the Fund", specifically in the sub-chapters concerning individual sub section (section 4.5) and the statutes, which constitute Appendix 2 to the prospectus of a given fund.
In IKE operated under the Santander FIO fund, the management fee rates indicated for the Santander FIO fund apply.
In IKZE operated under the Santander Prestiż SFIO fund, the management fee rates indicated for the Santander Prestiż SFIO fund apply.
The maximum and actual rates of the management fee are indicated in:
Santander TFI may decide to reduce the currently charged management fee rate currently charged.
Management feesPerformance fee
The performance fee is the remuneration of the management company for investment results achieved by the sub-funds.
In selected Santander FIO and Santander Prestiż SFIO funds sub-funds this fee:
- is charged according to the reference model, in which the benchmark is the reference,
- is due if the sub-fund achieves a result above the benchmark (the reference period is ultimately a period of five consecutive years),
- is calculated in the form of a provision on the excess of the result of a given sub-fund over the benchmark calculated on the basis of the value of the participation unit (hereinafter: PU) after the management fee has been charged,
- is collected in annual periods – its determination takes place on the last day of the year's valuation, and collection by the 5th working day of the following year,
- is charged at the rate indicated in the table below - the rate is calculated on the surplus of the result of a given sub-fund over the benchmark,
- is collected from redeemed PU, if at the date of redemption it was accrued, in proportion to the number of remitted PU of a given category,
- with the exception of the Santander Prestiż Alfa sub-fund, it is possible to charge a fee for investment results in the event of a nominal loss.
Detailed description of the fee calculating and collection the fee method is indicated in the funds' prospectuses in Chapter 3 "Data on the Fund", and more precisely in the subsections on individual sub-funds (section 4.4) and the statutes, which constitute Annex 2 to the prospectus of the fund.
The fee may be charged in the following sub-funds:
| Fund | Sub-fund | Fee rate |
|---|---|---|
| Santander FIO | ALL SUB-FUNDS | 20% |
| Santander Prestiż SFIO | Santander Prestiż Polish Equity Santander Prestiż Corporate Bond Santander Prestiż Government Bond Santander Prestiż Short Duration Santander Prestiż Alfa Santander Prestiż Emerging Markets Equity Santander Prestiż Technology and Innovations Santander Prestiż Fixed Income Active |
The performance fee may also be charged in relation to PU acquired in IKE and IKZE operating under the Santander funds.
In Santander PPK SFIO fund the performance fee:
- is calculated in the form of a reserve for each valuation day in a given year, in accordance with the provisions of the Act on PPK, the Regulation issued pursuant to Art. 49 sec. 13 of the Act on PPK and the fund’s statute,
- is due provided that:
- a given sub-fund realises a positive rate of return for a given year,
- a given sub-fund achieves a rate of return exceeding the reference rate, calculated in accordance with the Regulation issued pursuant to Art. 49 sec. 13 of the Act on PPK,
- a given sub-fund achieves a rate of return on the last valuation date in November in a given year at a level not lower than 75% of the highest rates of return of funds on the same defined date,
- is charged annually – by the 15th working day after the end of the year,
- is charged in the amount specified in the table below, taking into account the surplus of the sub-fund’s result over the reference rate,
- has an additional annual limit of 0,1% of the sub-fund’s net asset value on the annual basis.
The fee is charged in the following sub-funds:
| Fund | Sub-fund | Fee rate | Annual limit |
|---|---|---|---|
| Santander PPK SFIO | Santander PPK 2025 Santander PPK 2030 Santander PPK 2035 Santander PPK 2040 Santander PPK 2045 Santander PPK 2050 Santander PPK 2055 Santander PPK 2060 |
20% | 0,1% |
The maximum performance fee rates and the detailed rules for its calculation are indicated in the Chapter 3 Prospectuses„"Information about the Fund", specifically in the subsections on individual sub-funds (section 4.4) and in the statutes, which constitute Appendix 2 to the fund's prospectus.