The Net Asset Value of a fund can be calculated as the total value of the fund's assets minus the total value of its liabilities. When calculating the Net Asset Value, any expense associated with the set-up of the investing vehicle or recognised as part of the fund's operations will be included as part of the fund's liabilities - i.e. they will reduce the Net Asset Value of the fund.

It is possible to bear these costs outside of the fund's structure. In this case, these expenses may be paid separately by the the Sponsor.

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