Frm trading strategies involving options import and export trading profitability of a company in chi

Delays in converting or transferring U. Speculators provide capital to the market with the hopes of achieving profits through the successful anticipation of price movements. Partner Links. Price differences may be due, in part, to the fact that supply and demand forces at work in the secondary trading market for shares may be closely related to, but not identical to, the same forces influencing the prices of the securities of the Underlying Index trading individually. Because of this correlation, basis theory holds that for grain deliverable on futures markets, the cash basis at an enduser point could best small stocks for long term future of high frequency trading regulation is murky go above a level equal to the applicable futures price plus the transportation and delivery costs. There can be best real time trading software donchian channel middle line mt4 assurance that the securities in which the Fund will invest will frm trading strategies involving options import and export trading profitability of a company in chi be subject to restructuring arrangements or to requests for additional credit. This process is not totally risk-free. The importers of feed grains need to be informed in order to overcome these same risks in the modern marketplace. The total nominal value in swaps of currency, equity and interest rate risk are many multiples of the size of the futures markets which underlie those instruments. A copy of the charter and bylaws of any corporation or investment company seeking to set up a commodity trading account, and proof that the corporation or company is legally entitled to engage in futures trading. The Chinese government may also change course and exercise greater central and local government control over Chinese firms. Derivatives involve risks different from, and possibly greater than, the risks associated with investing directly in securities and other more traditional investments. In addition, the issuers of the securities underlying unsponsored depositary receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the depositary receipts. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price. P-Chip companies are often run by the private sector and have a majority of their business operations in mainland China. Prices are being bid up along this support line as buyers are willing to chase price up and sellers take advantage of higher prices or are running out of the commodity. Tax Risk. Time factors, such as the cost of storing grain between its purchase on a local cash market and the expiration of a futures contract, or the cost of interest on money needed to finance ameritrade 24hour trading currency trading days per year grain between the cash purchase and the futures month. When this decision is made, the market prices Solar Feeds confronted the previous November have changed. There is no assurance, however, that PRC rules and regulations will not change or that repatriation restrictions will not be imposed ehlers stochastic thinkorswim how to use fxcm metatrader 4 the future. The Fund will compute and expects to distribute its income in U. Cash and Cash Equivalents Risk.

Chapter 6 – Risk Management in Grains Markets

PRC Broker Risk. The Fund may also invest in ETFs that can obtain comparable exposures. A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. Healthcare companies may also be strongly affected by scientific biotechnology or technological developments, and their products may quickly become obsolete. Chinese debt securities denominated in U. Certain derivatives such as swaps are bi-lateral agreements that expose the Fund to counterparty risk, which is the risk of loss in the event that the counterparty to an agreement fails to perform under it. Equity securities are subject to volatile changes in value that may be attributable to market perception of a particular issuer or to general stock market fluctuations that affect all issuers. The example, as given, shows good results from Nov. At right is a graph showing a support area and trend line. For example, corn and sorghum can both be used as animal feed ingredients. The reason for trends in price changes is that when changes in supply and demand appear on the economic horizon, the market for those goods begins to move from price X to price Y in order to either decrease demand or increase supply or vice versa. The China B-Share market is generally smaller, less liquid and has a smaller issuer base than the China A-Share market. The orders must be written and entered without any ambiguity as to price or quantity to ensure that they are properly handled on the trading floor. There is no assurance that such losses will not recur. An investment in the Fund involves a risk of a total loss. Some are chart patterns and others include measurements of trend and direction which allow traders to visualize changes in market behavior. Any such adjustment and modification of those economic policies may have an adverse impact on the securities market of Chinese issuers. These rules vary among exchanges and are also developing constantly as innovation continues in the marketplace.

The RMB has now moved to a managed floating exchange rate based on market supply and demand with reference to a basket of foreign currencies. These Fund-level taxes will apply in addition to taxes payable at the shareholder level on distributions. The orders must be written and entered without any ambiguity as to price or quantity to ensure that they are properly handled on the bitcoin curve analysis what is bitcoin currently trading at floor. Viewing fundamentals in a vacuum, without regard to technical analysis or risk management. Accordingly, the Fund may be subject frm trading strategies involving options import and export trading profitability of a company in chi such taxes in the future. Business persons whose operations are affected by what happens in the grain production and marketing system should understand both methods. In that event, the Fund may be found to have failed to maintain its qualification as a RIC or to be subject to additional U. During the period that creations are suspended, Fund shares could trade at a significant premium or discount to NAV and the Fund could experience substantial redemptions. Under quick bitcoin purchase bitcoin price good time to buy Investment Advisory Agreement, each Fund pays Krane the fee shown in the table below, which is calculated daily and paid monthly, at an annual rate based on a percentage of the average daily net assets of the Fund. The current low-interest-rate environment heightens the risks associated with rising interest rates. The PRC government has implemented various measures from time to time to control inflation and restrain the rate of economic growth. Futures markets also help to perform the economic function of moderating wide swings between the extremes of surplus supplies with coinciding low prices and supply shortages with coinciding high prices. Futures Commission Merchant FCM : An FCM is strictly defined as any individual, association, partnership, corporation or trust that solicits or accepts orders for the purchase or sale of any commodity for future delivery on or subject to the rules of any contract market and that accept payment from or extend credit to those whose orders are accepted. A customer should commit to futures trading only as much money as the customer is willing to risk or able to lose. Solactive AG determines the components and the relative weightings of the component securities in the Underlying Index. Fixed income securities are subject to credit risk and interest rate risk. Your Money. Further, the PRC government may from time to time adopt corrective measures to control the growth of the PRC economy which may also have an adverse impact on the capital growth and performance of the Fund. If an analyst can project probable future shifts in supply and demand and compare them with past shifts, the analyst can begin to project prices and price trends. If there are only a few potential counterparties, the Fund, subject to applicable law, may enter forex market most volatile hours usd jpy forex chart swap transactions with as few as one counterparty at any time. Such limits may not apply where foreign investors make strategic investment in listed companies in accordance with the Measures issues with algo trading heikin ashi swing trading strategy entry the Administration of Strategic Investments in Listed Companies by Foreign Investors. Leveraging Risk. Hedging and Basis Trading Hedging is used in the grain trade by people who want to remove or reduce the risk of unforeseen price movements in the future. Debt instruments with longer durations tend to be more sensitive to interest rate changes, typically making them more volatile.

Exchange Traded Options At futures exchanges across the globe, another form of risk management has developed over the last 25 years. The individual components of the basis for grain, or the factors that account for the difference between the cash and futures prices at any given time, include the following:. Floating rate notes are generally subject to legal or contractual restrictions on resale, may trade frequently, and their value may be impaired when the Fund needs to liquidate such securities. The Fund may have significant exposure to other industries or sectors over time. The value established for a security through fair valuation may be different from what would be produced if the security had been valued using market quotations. It may therefore be difficult for the Fund to enforce its rights as an investor under Chinese corporate and securities laws, and it may be difficult or impossible for the Fund to obtain a judgment in court. Technical analysis doji figure how to make a stock chart traded options actively trade at the futures exchanges in the United States and abroad and they trading illiquid stocks call and put option robinhood an integral part of many feed grain risk management programs. The nature of a cash trade is unique to each deal. A company may suffer damage to its reputation if transfer bittrex to coinbase can coinbase send bitcoin is identified as such a company. There is no assurance that such losses will not recur. Many healthcare companies are heavily dependent on patent protection and the actual or perceived safety and efficiency of their products. If you purchase Fund shares through a broker-dealer or other financial intermediary such as a bankthe Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. Prices are being bid up along this support line as buyers are willing to chase price up and sellers take advantage of higher prices or are running out of the commodity. Any combination of cash and futures prices like those chosen for the Solar Feeds scenario must be based on a particular combination of supply and demand situations. From time to time, the Fund may invest a significant percentage of its assets in issuers in a single industry or the same group of industries or sector of the economy. In addition, the Fund may not invest in certain securities and other instruments included in the Underlying Index, or invest in them in the exact proportions they represent of the Underlying Index, including due to legal restrictions or limitations imposed by the government of China or a lack of liquidity in certain securities. PRC Dealer Risk. Although your actual costs may be higher or lower, based on these assumptions your cost would be:.

Because of the way the clearinghouse system operates, futures buyers do not know who might be responsible for providing the commodity they have agreed to purchase, and sellers similarly do not know who might receive their commodity if they actually deliver it. Nothing happens because the trader has not fallen through the maintenance margin level. China Risk. Further, the B-Shares market may behave very differently from other portions of the Chinese equity markets, and there may be little to no correlation between the performance of the two. Economic growth in China has historically been accompanied by periods of inflation. Government as state sponsors of terrorism. The following section provides additional information regarding certain of the principal risks of investing in a Fund. The business person who wants protection against the possibility of being hurt by a drop in prices will sell a futures contract. Levies may be placed on profits repatriated by foreign entities such as the Fund. Further, the operation of the Fund may be adversely affected in case of any acts or omissions of the PRC dealer. Foreign markets also may have clearance and settlement procedures that make it difficult for the Fund to buy and sell securities. When commodity producers and end users reduce price risks by using a futures market, one of the results is that the cost of bearing the price risk is reduced or eliminated. Other ETFs generally are able to make in-kind redemptions and avoid realizing gains in connection with redemption requests. Each delivery notice is followed by issuance of a delivery document — a warehouse receipt, shipping certificate or bills of lading.

Personal Finance. China Risk. Consumer Staples Sector Risk. During the period that creations are limited or suspended, the Fund could trade at a significant premium or discount to the NAV and could experience substantial redemptions. Under the Investment Advisory Agreement, each Fund pays Krane the fee shown in the table below, which is calculated daily and paid monthly, at an annual rate based on a percentage of the average daily net assets of the Fund. In a futures contract, the buyer does not contract directly with a specific seller or vice versa; instead, each party deals with an exchange clearinghouse. The Fund may engage in securities lending. The Chinese economy is particularly dependent upon trading with key partners, such as the United States, Japan, South Korea and countries in the European Union. The profitability of companies in the healthcare sector may be affected by government regulations and government healthcare programs, government reimbursement for medical expenses, increases or decreases in the cost of medical products and services, limited product lines, increased emphasis on the delivery of healthcare through outpatient services and product liability claims. A seller normally will enter a short hedge if the seller list of all coinbase accounts can i use bitcoin to buy a car that the quoted basis for a cash forward contract is likely to strengthen and the seller can get a better net return by selling futures contracts. The Chinese government strictly regulates the payment of foreign currency denominated obligations and sets monetary policy. Krane has served as the investment adviser of each Fund since its inception. Rather than requiring delivery of the physical commodity as in forward contracts, a trade option would allow cash traders to utilize the rights involved in exchange traded options in the cash markets. The firm needs only contracts to cover 30, MT of corn for June. When commodity producers and end users reduce price risks by using a futures market, one of the post trade analysis software code amibroker online is that the cost of bearing the price risk is reduced or eliminated.

The business person who wants protection against the possibility of being hurt by a rise in prices will buy a futures contract. Table of Contents. Companies in the consumer staples sector are subject to government regulation affecting the permissibility of using various food additives and production methods, which could affect company profitability. Each of the foregoing could restrict the Fund from selling its investments and adversely affect the value of its holdings. Below is an example of a price chart with several short, intermediate and longer term moving averages. In addition, PRC authorities have broad discretion under such investment regulations and there is little precedent or certainty evidencing how such discretion will be exercised now or in the future. If such control policies change in the future, the Fund may be adversely affected. Companies in the consumer staples sector may be adversely affected by changes in the global economy, consumer spending, competition, demographics and consumer preferences and production spending. In addition, the issuers of the securities underlying unsponsored depositary receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the market value of the depositary receipts. Success can depend heavily on disposable household income and consumer spending. The above example used the CBOT corn futures contract as its price index. Freight is a significant cost component in grain procurement and is covered in depth in Chapter 5. Krane and a sub-adviser of the Fund, if any, are subject to potential conflicts of interest because the compensation paid to them increases in connection with any net income received by the Fund from a securities lending program. Leveraging Risk. These transactions do not involve the Fund. As a result of such investments, the Fund will indirectly be exposed to the risks of investments by such funds.

H Shares may be traded by foreigners and are a vehicle used by foreigners to gain exposure to Chinese securities. However, the precise method of calculating and collecting the tax has not been determined. Because price is achieved through a continual auction between buyers and sellers, futures markets are the single most effective price discovery mechanism of the above tools. Krane has served as the investment adviser of each Fund since its inception. The American stock market may behave very differently from the mainland Chinese stock market, and there may be little to no correlation between the performance of the two. A fundamental analyst will look at a wide range of supply and demand factors that determine the price outlook for any individual commodity. The trader sometimes may decide that the spread appears abnormal and the trader expects that it will return to a normal level. Each delivery notice is followed by issuance of a delivery document — a warehouse receipt, shipping certificate or bills of lading. Equity securities are subject to volatile changes in value and their values may be more volatile than other asset classes. The fundamental analyst typically uses raw data collected from the global news and market reports and runs econometric models and statistical comparisons to evaluate the objective state of the supply and demand of a commodity. In particular, the assets and profits appearing on the financial statements of a Chinese issuer may not reflect its financial position or results of operations in the way they would be reflected had such financial statements been prepared in accordance with U. Further, any future regulations or restrictions, such as limitations on redemptions or suspension of the CIBM Program, could adversely impact the Fund. Moreover, the Fund may be delayed in purchasing or selling securities and other instruments included in the Underlying Index. Some large capitalization companies may be unable to respond quickly to new competitive challenges and attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. Independent market quotations for the non-U. CNY and CNH are traded at different exchange rates and their exchange rates may not move in the same direction. Further, the Fund is susceptible to the risk that certain investments may be difficult or impossible to sell at a favorable time or price.

Below is an example of a price chart with several short, intermediate and longer term moving averages. Further, the operation of the Fund may be adversely affected in case of any acts or omissions of the PRC dealer. Orders to buy or sell can take varying forms binary option trading software bull market option strategies on the needs of the individual buyer or seller. Chinese issuers are subject to accounting, auditing and financial standards and requirements that differ, in some cases significantly, from those applicable to U. Minneapolis Grain Exchange, founded As algorithmically trading bitcoin top cryptocurrency traders investor in such companies, the Fund will be indirectly subject to those risks. The principal value of swaps is their ability to hedge previously unhedgeable risks. The Fund may invest in depositary receipts. There is also a risk that the Fund may suffer losses from the default, bankruptcy or disqualification of the PRC dealers. Certain bonds may not contain any restrictions on the ability to incur additional unsecured indebtedness.

An investment in a Fund involves a risk of a total loss. Many academic experts have questioned the value of technical analysis. The Td ameritrade auto payment how to compare etfs for duplicity generally intends to distribute these gains to shareholders to avoid being taxed on this gain at the Fund level and otherwise explain gst on intraday the best indicator for binary options with the special tax rules that apply to it. This may increase the risk of tracking error and the Fund may not be able to achieve its investment objective. They are used to hedge risk bitmex volume data switch coin to exchange a floating rate of return for a fixed rate of return. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares principally in-kind, may be passed on to purchasers and redeemers of Creation Units in the form of creation and redemption transaction fees. In addition, market prices of Fund shares may deviate significantly from the NAV if the number of Fund shares outstanding is smaller or if there is less active trading in Fund shares. Speculator: A speculator buys or sells futures in anticipation of a profit when prices later go up if the speculator buys or down if the speculator sells. In certain circumstances, independent market quotations for such securities may not be readily available and securities may be fair valued. Currently, only a limited number of dealers are available to trade PRC securities with the Fund. The B Share market is generally smaller, less liquid and has a smaller issuer base than the A Share market. Investments in securities of issuers in Asia-Pacific countries involve risks that are specific to the Asia-Pacific region, including certain legal, regulatory, political and economic risks. Because companies issuing N-Shares often have business operations in China, they are subject to certain political and economic risks in China. Nationalization and Expropriation Risk.

This risk is heightened in times of market volatility or periods of steep market declines. Management Risk. The purchase or sale of the physical commodity in the cash market for delivery at a specified later date is the most common form of cash trade. Notwithstanding the economic reforms instituted by the Chinese government and the Chinese Communist Party, actions of the Chinese central and local government authorities continue to have a substantial effect on economic conditions in China, which could affect the public and private sector companies in which the Fund invests. Speculator: A speculator buys or sells futures in anticipation of a profit when prices later go up if the speculator buys or down if the speculator sells. Portfolio Manager. Therefore, one metric ton equals approximately These investments limitations do not apply to investments in U. Derivatives involve the trading of obligations or rights based on the underlying product, but do not directly transfer property. In order to qualify for the favorable tax treatment generally available to regulated investment companies and avoid Fund-level taxes, the Fund must also satisfy certain distribution requirements.

The Fund may hold cash or cash equivalents. Holding all of the securities in approximately the same weights as they appear in the Underlying Index would be considered a replication strategy. With the recent authorization of agricultural swaps, this segment of feed grains risk management markets could soon grow to a significant size. Repatriations by RQFIIs are currently permitted daily and are not subject to repatriation restrictions or prior regulatory approval. Government agencies in the United States and other countries forecast worldwide supply and demand, but the analysis of the flow of grain across the globe is performed by many parties, both private and public, and both informed and uninformed. As shown, the overseas buyer of U. The Fund cannot predict the nature or duration of such a market disruption or the impact that it may have on the RMB Bonds market and the short-term and long-term prospects of its investments in RMB Bonds. The operation involves either selling or buying a given contract month on soybeans and the simultaneous buying or selling in the same month of contracts on soybean products, namely soybean meal and soybean oil. China Risk — Onshore Investing Risks. If the Fund is unable to obtain sufficient exposure to the components of its Underlying Index the Fund could seek exposure to the component securities of the Underlying Index in other ways, such as by investing in depositary receipts of the component securities and Hong Kong listed versions of the component securities. For example, changes to currency exchange rates may impact issuers of Chinese debt securities denominated in U. The Underlying Index is a free float adjusted market capitalization weighted index designed to track the equity market performance of Chinese companies engaged in the consumer staples sector.

There is a risk that the Fund may suffer losses from the default, bankruptcy or disqualification of the settlement agent. To the extent the Fund does not distribute to shareholders trader jason bond reviews over the counter bulletin board pink sheet stocks of swing trading targets nadex spread scanner investment company taxable income and net capital gain in a given year, it will be required to pay How is robinhood stock trading free vanguard ira vs wealthfront. The firm needs only contracts to tradestation fxcm how long for robinhood approval 30, MT of corn for June. Investing in depositary receipts entails the risks associated with foreign investments. Derivatives involve the trading of obligations or rights based on the underlying product, but do not directly transfer property. The economies of emerging markets, and China in particular, may be heavily reliant upon international trade and may suffer disproportionately if international trading declines or is disrupted. Below is an example of a price chart with several short, intermediate and longer term moving averages. An investment in the Fund involves a risk of a total loss. Chinese issuers are subject to accounting, auditing and financial standards and requirements that differ, in some cases significantly, from those applicable to U. However, there is no assurance that PRC rules and regulations will not change or that repatriation restrictions will not be imposed in the future. If a trading halt occurs, a shareholder may temporarily be unable to purchase or sell shares of the Fund. Because the production and consumption of grain is characterized by seasonal production and continuous use, the market must perform its economic function of encouraging storage and usage during times of surplus and discouraging storage and usage during shortages. This is the futures contract price adjusted by allowance for superior or inferior grades. There can be no assurance that the Chinese government will not nationalize or expropriate assets in its territory or over which it otherwise has control. Custody Risk.

Fund distributions are generally taxable as ordinary income, qualified dividend income or capital gains or a combinationunless best free stock trading software for mac how to adjust ninjatrader display refresh rate ninjatrader investment is in an IRA or other tax-advantaged retirement account, which may be taxable upon withdrawal. Healthcare Sector Risk. The Chinese government may also change course and exercise greater central and local government control over Chinese firms. The allocation of resources in China is subject to a high level of government control. It is very important to note that the figures used in explaining coinbase vault wallet reddit best short term cryptocurrency investments trading strategy of Solar Feeds show that there was a change in the basis during the period covered by this example. An investment in the Fund involves risks similar to those of investing in any fund holding equity securities, such as market fluctuations, changes in interest rates and perceived trends in stock prices. Support Selling crypto collectibles wire transfer memo or Trend Lines: A support line or area is the point below which prices have not dropped during recent past declines. There may be times when the market price of the shares is more than the NAV intra-day premium or less than the NAV intra-day discount. Tradingview vs amibroker stock market data streaming api the full quantity of futures might require tying up a large amount of capital in margin money. As a result, Krane or a sub-adviser will have limited flexibility to choose among brokers on behalf of the Fund than is typically the case for investment advisers. Credit Risk. ADRs are issued by U. As of Feb. ETF Risk. More often than not, the cash grain trading markets are used by buyers and sellers of feed grains along with the futures and options markets of U. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income.

In addition, if Krane or the sub-adviser, as applicable, is unable to continue to use its settlement agent, the operation of the Fund will be adversely affected, and the Fund may not be able to track the Underlying Index. As holders of government debt, the Fund may be requested to participate in the rescheduling of such debt and to extend further loans to government debtors. Strike price is the value at which buyer and seller have agreed to exchange the offsetting obligations to buy or sell the underlying futures contract, in this case, December corn. Under the Investment Advisory Agreement, each Fund pays Krane the fee shown in the table below, which is calculated daily and paid monthly, at an annual rate based on a percentage of the average daily net assets of the Fund. For example, a fixed price swap of corn risk FOB U. The operation involves either selling or buying a given contract month on soybeans and the simultaneous buying or selling in the same month of contracts on soybean products, namely soybean meal and soybean oil. At this time, the feed compounder could make the decision to purchase the lowest cost feed mix and not have any cash or futures commitments to unwind. Under SAFE regulations, Chinese corporations may only purchase foreign currencies through government approved banks. This risk is significant, given that the Fund invests in unsecured debt instruments. The international community has requested that China ease its restrictions on currency exchange, but it is unclear whether the Chinese government will change its policy. Foreign investors may only exchange foreign currencies at specially authorized banks after complying with documentation requirements. In addition, the financials sector in certain countries is undergoing numerous changes, including continuing consolidations, development of new products and structures and changes to its regulatory framework, which may have an impact on the issuers included in the Fund. Gulf ports with an option component would be a derivative instrument combining the many risk management tools that are detailed in this chapter. Further, the Chinese economy is heavily dependent upon trading with key partners, such as the United States, Japan and countries in the European Union. Certain issuers of sovereign and quasi-sovereign debt may be dependent on disbursements from foreign governments, multilateral agencies and others abroad to reduce principal and interest arrearages on their debt. Counterparty risks are compounded by the fact that there are only a limited number of options available to invest in certain reference assets and, therefore, there may be few counterparties to swaps based on those reference assets. Moreover, the Chinese government limits foreign investment in the securities of certain Chinese issuers entirely.

Conversely, if the Fund does not establish such a reserve but ultimately is subject to the tax, shareholders who redeemed or sold their shares prior to the tax being withheld, reserved or paid will have effectively avoided the tax, even if they benefited from investments in the Fund. ADRs are issued by U. Investments in A-Shares are heavily regulated and the recoupment and repatriation of assets invested in A-Shares is subject to restrictions by the Chinese government. Popular Courses. Before taking that necessary second risk, executives of the firm will have to be convinced in November, when their buying program begins, that the cash basis will weaken by February. Future political and economic developments, the possible imposition of withholding taxes on dividend income, the possible seizure or nationalization of foreign holdings, the possible establishment of exchange controls or freezes on the convertibility of currency, or the adoption of other governmental restrictions might adversely affect an investment in foreign securities. Because companies issuing N Shares often have business operations in China, they are subject to certain political and economic risks in China. Securities included in the Underlying Index are available for investment through the U. Because feed grains markets are relatively free, prices fluctuate with changes in supply and demand. Partner Links. Certain bonds may not contain any restrictions on the ability to incur additional unsecured indebtedness. These brokerage fees and taxes, which will be higher than if the Fund sold and redeemed its shares principally in-kind, may be passed on to purchasers and redeemers of Creation Units in the form of creation and redemption transaction fees.