By giving summary statistics of fees and charges of MPF funds, this leaflet aims to help
you get a basic understanding of fees and charges levied by different MPF schemes.
For details about MPF fees and charges, please visit the Fee Comparative Platform
(http://cplatform.mpfa.org.hk) on the MPFA website.
How to interpret figures in the “Fund Expense Ratio Table”?
The figures in the “Fund Expense Ratio (FER) Table” below are extracted from the Fee Comparative Platform. They cover the following:
Number of funds1 by fund type offered in each MPF scheme; and
The minimum, maximum and average FERs2 of each type of funds offered in each MPF scheme (You can refer to the FERs
of funds of the same type to compare their fees and charges).
Note: 1. An MPF fund may be classified into different classes for different groups of scheme members. Different classes of an MPF fund, if available, are
treated as a separate investment fund when counting “Number of funds”.
2. The average FER is an average weighted by the respective net asset values of the funds. This means a fund of higher net asset value has a heavier
weighting in the calculation of the average FER.
What is a Fund Expense Ratio (FER)?
An FER is a ratio that measures the total expenses of an MPF fund as a percentage of the fund’s asset value. Such expenses
mainly come from fees and charges (such as management fees or special charges for some types of funds), which would affect
the investment return of an MPF fund. The FER is calculated using the following formula:
Fund Expense Ratio (FER) =
Total expenses of an MPF fund in the previous financial period
x 100%
The fund’s asset value
The higher the FER, the higher the ratio of expenses over the fund’s asset value in the previous financial period.
Note the following when interpreting FERs:
The FER of an MPF fund is updated once every financial period. The latest FER of an MPF fund is published in the Fund Fact
Sheet of the relevant MPF scheme.
The FER is compiled based on the data from the previous financial period. For this reason, published FERs cannot reflect any
changes in fees, charges and expenses in the current financial period.
It is not necessary for MPF funds with less than two years of history to show an FER.
Additional Reference
025/2014/07/FCP
When making any MPF investment decision, apart from making simple comparison based on summary statistics of fees and
charges available in this leaflet, you should also refer to other information provided by your trustee. You can learn details about
the MPF funds under your MPF scheme through the following means:
Read the Offering Document – The offering document issued by trustees contains details about an MPF scheme and its
operator, constituent funds, contribution and withdrawal procedures, fees and charges, disclaimers and other key
information. Such information can help scheme members select MPF scheme/funds that suit their needs.
Review the Fund Fact Sheet – Issued at least every six months by trustees, the Fund Fact Sheet provides summary
information about a constituent fund such as its asset value, investment objectives, main portfolio holdings, performance,
FER, Fund Risk Indicator, and the fund manager’s commentary relating to a discussion of the performance of the constituent
fund, market review and market outlook.
Visit the Fee Comparative Platform on the MPFA website
Consult your trustee directly
July 2014
MPF Fund Expense Ratio (FER) Table*
Fund Type
Equity Fund
Mixed Assets Fund
FER (%)
FER (%)
MPF Trustee and Scheme
Employer
Hotline
Employee
Hotline
No. of
Funds#
Lowest
2100 1888 2200 6288
2100 1888 2200 6288
2100 1888 2200 6288
11
11
4
0.71
0.63
0.56
2.26
1.94
0.83
2802 2812 2802 2812
2802 2812 2802 2812
3
4
1.98
1.96
2298 9000
3161 3688
2298 9333
2298 9333
2842 7878
9
3
3
9
6
2239 5559 2239 5559
Bond Fund
No. of
Funds#
Lowest
2.41
2.11
0.92
10
10
0
0.60
0.41
n.a.
2.30
1.85
n.a.
2.03
1.98
2.06
2.02
3
3
1.94
1.91
1.34
2.13
1.83
1.07
1.19
1.38
2.17
1.88
1.65
1.28
1.76
2.32
1.95
1.75
1.37
18
9
4
10
4
5
1.55
1.95
2.21
2211 1777 2211 1777
2211 1777 2211 1777
2211 1777 2211 1777
5
9
5
1.66
1.68
n.a.
1.69
1.77
n.a.
2929 3030 2929 3030
8
1.70
2929 3366 2929 3366
5
3999 5555 3999 5555
3183 1900 3183 1900
3183 1900 3183 1900
FER (%)
No. of
Funds#
Lowest
2.49
2.10
n.a.
2
2
2
0.90
0.85
0.60
0.96
0.94
0.72
1.94
1.92
1.94
1.93
1
2
1.88
1.84
1.28
2.12
1.82
1.50
1.21
1.32
2.23
1.82
1.72
1.29
1.78
2.67
1.85
1.75
1.33
0
1
2
3
4
3
1.89
1.92
2.04
1.72
2.13
n.a.
3
3
3
1.80
1.88
n.a.
1.81
1.89
n.a.
1.72
1.75
3
1.70
0.78
1.08
1.16
3
2
1.82
1.93
2.35
3
4
2.38
2.57
2.47
2.61
4
8
1.55
1.79
2288 6822 2213 2213
1
2288 6822 2213 2213
Money Market Fund MPF Conservative Fund
Guaranteed Fund
FER (%)
No. of
Funds#
Lowest
0.98
0.98
0.98
1
1
1
1.81
1.78
1.78
1.81
1.78
1.78
1.88
1.84
1.88
1.84
0
1
n.a.
2.08
n.a.
2.45
1.88
1.38
1.19
n.a.
2.45
1.88
1.51
1.26
n.a.
2.45
1.88
1.54
1.31
0
0
0
0
1
1
1.56
1.56
1.56
1.81
1.90
n.a.
0
1
1
n.a.
1.59
n.a.
n.a.
1.59
n.a.
1.72
1.73
1
1.54
1.09
1.10
1.11
2
4
1.83
1.84
1.85
2.50
2.63
2
4
2.11
2.29
2.21
2.46
1.61
2.11
1.65
2.74
9
0
1.56
n.a.
1.55
1.55
1.55
0
1
0.98
0.98
0.98
2288 6822 2213 2213
6
0.98
1.61
2288 6822 2213 2213
5
0.97
2238 0088
2238 0088
2238 0088
2238 0088
2971 0200
1
1
6
5
6
2108 1234 2108 1388
2919 9115 2919 9115
Money Market Fund non-MPF Conservative Fund
FER (%)
No. of
Funds#
Lowest
1.81
1.78
1.78
1
1
1
0.99
0.99
1.03
0.99
0.99
1.03
n.a.
2.08
n.a.
2.08
1
1
0.83
0.83
n.a.
n.a.
n.a.
n.a.
2.68
n.a.
n.a.
n.a.
n.a.
2.68
n.a.
n.a.
n.a.
n.a.
2.68
3
1
1
1
2
1
1.88
1.88
1.88
n.a.
1.59
n.a.
0
1
0
n.a.
2.53
n.a.
n.a.
2.53
n.a.
1.54
1.54
0
n.a.
1.11
1.11
1.11
0
0
n.a.
n.a.
n.a.
2.32
2.55
0
0
n.a.
n.a.
n.a.
n.a.
1.58
n.a.
1.67
n.a.
2
0
1.56
n.a.
n.a.
n.a.
n.a.
1
2
1.86
1.89
1.92
1.98
5
1.58
1.87
1.11
1.49
2
1.11
1.57
0.98
0.98
0.97
1.66
1.57
0.98
1.59
1.12
1.76
1.57
0.98
1.98
1.49
2.05
0
2
5
2
8
9
1.97
2.11
2.23
6
1.65
1.76
1
11
1.12
1.34
3183 1717 3183 1717
3183 1717 3183 1717
3183 1717 3183 1717
0
5
0
3183 1888 3183 1888
10
195
FER (%)
No. of
Funds#
Lowest
0.99
0.99
1.03
0
0
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
0.83
0.83
0.83
0.83
0
1
n.a.
1.13
0.95
1.07
1.25
1.13
0.73
0.97
1.07
1.25
1.13
0.73
0.98
1.07
1.25
1.13
0.73
3
0
0
0
0
1
1.35
1.35
1.35
n.a.
2.53
n.a.
1
1
1
0.95
0.94
n.a.
0.95
0.94
n.a.
n.a.
n.a.
1
0.85
n.a.
n.a.
n.a.
1
2
2.11
2.24
2.74
n.a.
n.a.
1
1
2.29
2.42
2.29
2.42
1.56
n.a.
1.56
n.a.
0
0
n.a.
n.a.
1.02
1.02
1.02
0
0
n.a.
n.a.
n.a.
1.92
1
1.01
1.01
1.11
1.11
1
1.01
n.a.
1.86
1.58
1.11
1.64
n.a.
1.89
1.87
1.11
1.77
n.a.
1.91
1.92
1.12
2.05
1
0
1
1
4
11
1.99
2.02
2.08
1.84
3
1.63
1.70
1.12
1.85
1.12
1.85
8
6
1.35
1.34
n.a.
1.52
n.a.
n.a.
1.83
n.a.
n.a.
2.04
n.a.
6
16
3
1.63
0.56
1.75
1.71
2.12
2.74
12
199
Average^ Highest
Others @
FER (%)
No. of
Funds#
Lowest
n.a.
n.a.
n.a.
0
0
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1.13
n.a.
1.13
0
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
0
0
0
0
0
0
n.a.
n.a.
n.a.
0.95
0.94
n.a.
1
1
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
0.85
0.85
1
n.a.
0.45
0.45
0.45
0
1
1.21
1.21
1.21
2.29
2.42
1
1
0.71
0.68
0.71
0.68
n.a.
n.a.
n.a.
n.a.
1
2
0.23
0.75
n.a.
n.a.
n.a.
1
1
2.61
2.61
2.61
1.01
1
2.61
2.61
1.01
1.01
0
n.a.
1.06
n.a.
1.01
1.00
1.67
1.06
n.a.
1.01
1.00
1.74
1.06
n.a.
1.01
1.00
1.95
0
1
1
0
2
4
1.66
1.66
1.66
1.79
1
1.70
1.70
1.59
1.58
1.59
1.58
1
3
n.a.
1.34
1.43
1.65
1.93
1.46
1.87
1.94
1.48
2.02
1.97
0
4
1
1.65
0.41
1.74
1.83
2.05
2.67
4
55
Average^ Highest
Overall
FER (%)
No. of
Funds#
Lowest
n.a.
n.a.
n.a.
25
25
8
0.60
0.41
0.56
2.14
1.81
1.64
2.49
2.11
1.78
n.a.
n.a.
n.a.
n.a.
8
12
0.83
0.83
1.85
1.86
2.06
2.08
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
33
14
10
23
17
0.95
1.07
1.25
1.07
0.73
1.30
2.07
1.66
1.60
1.31
1.78
2.67
1.95
1.75
2.68
0
n.a.
n.a.
n.a.
11
1.35
1.82
2.21
n.a.
n.a.
n.a.
0
0
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
10
16
10
0.95
0.94
n.a.
1.59
1.81
n.a.
1.81
2.53
n.a.
n.a.
n.a.
0
n.a.
n.a.
n.a.
14
0.85
1.58
1.75
n.a.
n.a.
n.a.
0
n.a.
n.a.
n.a.
11
0.45
1.02
1.16
0
n.a.
n.a.
n.a.
0
n.a.
n.a.
n.a.
9
1.21
1.98
2.74
0.71
0.68
0
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
0
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
7
10
0.71
0.68
2.23
2.42
2.50
2.63
0.23
0.81
0.23
0.92
0
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
0
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
16
10
0.23
0.75
1.47
1.87
1.67
2.74
0.40
0.40
0.40
0
n.a.
n.a.
n.a.
0
n.a.
n.a.
n.a.
3
0.40
1.18
1.55
1
0.42
0.42
0.42
0
n.a.
n.a.
n.a.
0
n.a.
n.a.
n.a.
5
0.42
1.41
2.61
2.61
1
0.42
0.42
0.42
0
n.a.
n.a.
n.a.
0
n.a.
n.a.
n.a.
14
0.42
1.59
2.61
n.a.
n.a.
1
0.37
0.37
0.37
0
n.a.
n.a.
n.a.
0
n.a.
n.a.
n.a.
9
0.37
0.95
1.49
n.a.
2.61
2.61
n.a.
1.96
n.a.
2.61
2.61
n.a.
2.05
n.a.
2.61
2.61
n.a.
2.21
1
1
1
1
2
0.43
0.42
0.42
0.39
0.45
0.43
0.42
0.42
0.39
0.50
0.43
0.42
0.42
0.39
0.52
0
0
0
0
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
0
0
0
0
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
3
5
14
9
22
0.43
0.42
0.42
0.39
0.45
1.20
1.44
1.58
0.97
1.73
1.57
2.61
2.61
1.49
2.21
2
1.83
1.90
1.99
1
1.02
1.02
1.02
0
n.a.
n.a.
n.a.
0
n.a.
n.a.
n.a.
27
1.02
1.99
2.23
1.70
1
3.83
3.83
3.83
1
0.53
0.53
0.53
0
n.a.
n.a.
n.a.
0
n.a.
n.a.
n.a.
12
0.53
1.77
3.83
n.a.
1.58
n.a.
1.58
2
4
2.61
1.33
3.11
2.50
3.11
3.09
1
1
1.23
1.20
1.23
1.20
1.23
1.20
0
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
2
2
1.36
1.34
1.46
1.44
1.46
1.44
15
27
1.12
1.20
1.78
1.79
3.11
3.09
n.a.
1.66
n.a.
n.a.
1.82
n.a.
n.a.
1.91
n.a.
1
1
1
2.73
2.74
2.76
2.73
2.74
2.76
2.73
2.74
2.76
1
1
1
1.11
1.12
1.12
1.11
1.12
1.12
1.11
1.12
1.12
0
0
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
0
0
0
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
8
27
6
1.11
1.12
1.12
1.51
1.83
1.80
2.73
2.74
2.76
1.66
0.60
1.72
1.49
1.87
2.45
0
29
n.a.
1.33
n.a.
2.18
n.a.
3.83
2
44
0.72
0.23
0.72
0.71
0.72
1.35
2
9
n.a.
1.13
n.a.
1.13
n.a.
1.13
0
4
n.a.
1.34
n.a.
1.45
n.a.
1.46
30
535
0.72
0.23
1.71
1.69
2.12
3.83
Average^ Highest
Average^ Highest
Average^ Highest
Average^ Highest
Average^ Highest
Average^ Highest
AIA Company (Trustee) Limited
AIA MPF - Basic Value Choice
AIA MPF - Prime Value Choice
AIA MPF - Simple Value Choice
AXA China Region Trustees Limited
AXA MPF - Simple Plan
AXA MPF - Smart Plan
Bank Consortium Trust Company Limited
Allianz Global Investors MPF Plan
AMTD MPF Scheme
BCT (MPF) Industry Choice
BCT (MPF) Pro Choice
Invesco Strategic MPF Scheme
2298 9098
3161 3688
2298 9388
2298 9388
2842 7878
Bank of Communications Trustee Limited
BCOM Joyful Retirement MPF Scheme
Bank of East Asia (Trustees) Limited
BEA (MPF) Industry Scheme
BEA (MPF) Master Trust Scheme
BEA (MPF) Value Scheme
BOCI-Prudential Trustee Limited
BOC-Prudential Easy-Choice
Mandatory Provident Fund Scheme
My Choice Mandatory Provident Fund Scheme
China Life Trustees Limited
China Life MPF Master Trust Scheme
FWD Pension Trust Limited
FWD MPF Master Trust Basic Scheme
FWD MPF Master Trust Comprehensive Scheme
HSBC Institutional Trust Services (Asia) Limited
Fidelity Retirement Master Trust
Haitong MPF Retirement Fund
2629 2677 2629 2629
2500 1600 2500 1600
HSBC Provident Fund Trustee (Hong Kong) Limited
Hang Seng Mandatory Provident Fund
- SimpleChoice
Hang Seng Mandatory Provident Fund
- SuperTrust
Hang Seng Mandatory Provident Fund
- SuperTrust Plus
Hang Seng Mandatory Provident Fund
- ValueChoice
HSBC Mandatory Provident Fund - SimpleChoice
HSBC Mandatory Provident Fund - SuperTrust
HSBC Mandatory Provident Fund - SuperTrust Plus
HSBC Mandatory Provident Fund - ValueChoice
Schroder MPF Master Trust
3128 0128
3128 0128
3128 0128
3128 0128
2971 0200
Manulife Provident Funds Trust Company Limited
Manulife Global Select (MPF) Scheme
MassMutual Trustees Limited
MASS Mandatory Provident Fund Scheme
Principal Trust Company (Asia) Limited
Principal MPF Scheme Series 600
Principal MPF Scheme Series 800
2827 1233 2827 1233
2827 1233 2827 1233
RBC Investor Services Trust Hong Kong Limited
SHKP MPF Employer Sponsored Scheme
Standard Chartered MPF Plan - Advanced
Standard Chartered MPF Plan - Basic
Sun Life Trustee Company Limited
Sun Life Rainbow MPF Scheme
Overall
Note: The information in the above table is for making simple comparisons between the fees and charges of different MPF schemes only. Scheme members should not make any investment decisions solely based on the information given in the table above. Scheme members should also refer to the information provided by their trustees (please see the section of "Additional Reference" for details)
and ask the trustees for the actual rate of fees applicable to them (including any fee discounts for certain employers and personal account holders).
" * " The average FER is the average of the FERs of MPF constituent funds with their financial periods ending on 1 October 2012 to 30 September 2013.
" @ " Others refer to those funds that do not fit within the categories of equity funds, mixed assets funds, bond funds, guaranteed funds, money market funds (MPF conservative or non-MPF conservative) as defined on the fee comparative platform.
" # " Different classes of an MPF fund, if available, are treated as a separate investment fund when counting "Number of funds".
" ^ " Average FER is an average weighted by the respective net asset values of the funds. This means a fund of higher net asset value has a heavier weighting in the calculation of the average FER.
" n.a. " Denotes "Not applicable". Summary statistics (High, low, average) of FERs are not available in some categories where a positive number of funds is displayed because all funds in that category operate for less than 2 years and they need not provide any FERs.