The Fund-Level Fee (or Total Expense Ratio) is paid to the Fund Managers. This is already accounted for in the NAV of the Fund. Endowus will rebate 100% of the trailer fee component of the Fund-Level Fee back to you where this is charged.
The Access Fee is paid to Endowus for all relevant advisory and investment services, product and platform access. Fees differ based on portfolio type and funding source (Cash/CPF-OA/SRS). Access fees p.a. are based on Assets under Advice (AUA).
For Cash Investments, Endowus will calculate which Access Fee tier you are eligible for by aggregating the investment value of all multi-fund Cash investment portfolios (i.e. Endowus Core/ Satellite and Multi-Fund Fund Smart Portfolio) within your Endowus account. This excludes your Cash Smart, other cash management portfolios and Single-Fund Fund Smart portfolio.
For CPF-OA investments, please note that your CPF Investment Agent Bank (DBS, UOB, OCBC) also levies the Agent Bank charges - refer here for more information.
For SRS investments, there is no charges levied by your SRS Agent Bank.