You will pay an annual fee equal to 0.5% of your Round account balance for brokerage, custodial, investment advisory and other related services ('Program Fee'). The Program Fee does not include the Fund Expenses and Other Fees described below. Assets held in your Round account acquired through dividend reinvestments and automatic programs are also subject to the Program Fee.
The Program Fee will be prorated and charged monthly in arrears, based upon your monthly ending balance in your Round account. For the initial period of an engagement, the Program Fee will be prorated from the date of engagement through the initial month’s end. In the event the Round advisory agreement is terminated, the Program Fee for the final billing period will be prorated through the effective date of the termination and the outstanding portion of the Program Fee will be charged to you.
The Program Fee will be deducted directly from your Round account. It is your responsibility to verify the accuracy of the calculation of the Program Fee. If you do not have enough cash in your Round account to pay the Program Fee, Round will liquidate assets in your Round account, without notice to you, to pay the Program Fee and any other fees due. Program Fees generally will be paid first from cash in your Round account, next from the liquidation of cash equivalents, including shares of money market funds, and finally from the liquidation of securities in your Round account.
Waived Round Fee.
If at the end of the month your return for that month is negative, Round will waive the Program Fee for that month. For the purpose of waiving Program Fees, the way that Round calculates your return is through a time-weighted return, instead of the total return you see in the app. Time-weighted return is a way of seeing performance while removing the impact of fees, deposits, and withdrawals from performance.
Simply put, if your time-weighted return at the end of the month is negative (gross of fees), you won't be charged the Program Fee that month.
Please note: only the monthly portion of the Program Fee is being waived and you are responsible for Fund Expenses and Other Fees described below. Also, this Program Fee waiver is not guaranteed to be in place forever, and we have the right to cancel this Program Fee waiver at any time. If you would like to know your time-weighted return, please email email@example.com
Your Round account may include shares of ETFs, mutual funds and/or money market funds (‘Funds’). As an investor in these Funds, you are responsible for the Fund level expenses, which are described in the applicable Fund prospectus or prospectus supplement. These expenses are charged by the Funds' managers and service providers in the normal course of business and are reflected in the share value of the Funds. These expenses are separate and apart from the Program Fee. You will receive a prospectus or prospectus summary when Funds are purchased for your account.
Additionally, you may incur certain other charges imposed by third-party financial institutions. These additional costs may include but are not limited to: reporting charges (typically where the financial institution is required to send paper statements), margin costs, transfer taxes, wire transfer and electronic fund fees. To see a full list of third-party fees, click here.
Our firm does not charge any performance-based fees (that is, fees based upon a share of capital gains on or capital appreciation of your assets).