GIPS Gross return and Net return

CFA Level III
#1

What change between the gros of fees return and the net of fees return?

And what is the custodial fees difference here?

#2

net = gross - management fees

#3

so that means gross includes ALL fees including trading expenses as well as custodial fees?

#4

gross includes trading and the portion of bundled fees that can’t be seperated from trading expenses

#5

Where are custodial fees? gross, net or none?

#6

part of admin fees which can be included in wrap fees or not depending on if you can pull out trading expenses

#7

so custodial should not be in either gross or net return?

#8

it depends on the account type. if its in wrap fees that cannot be seperated from trading then yes its out of gross which means its also out of net

#9

But if it is not in wrap fees? sorry but i just need a clear answer about the treatment of custodial fees and trading expenses and how gross and net return differentiate

#10

then it wouldnt matter.