JUNO fees are different. We charge you a ﬁxed dollar amount, not a percentage of your balance. We’ve made it easy for you to see what your after-fee return could have been for the 12 months to 30 September 2020 if you were a JUNO member. Just enter your KiwiSaver balance and the tool will show you what your after-fee returns would have been (to make this simpler, we assume the balance you enter was stable over the year).
For the provided balance, we work out and subtract the correct fee, which produces the return % figure. To make it easy, we’ve assumed the account balances shown don’t change over the year. For example, for the $20,000 balance the fee is $60 ($5 each month for a year). That’s 0.30% in fees ($60 over $20,000).
So, the return after tax and fees for the $20,000 balance is "return after tax before fees" - 0.30%.
A market index contains similar assets and has similar risk to the JUNO funds, and so is a good reference point for judging performance. Every fund type is made up of a different mix of asset types.
Each asset type (equities, fixed income and cash) in each fund has a market index. So, the market index figures shown combine two or more market indices, depending on the assets in the fund. For example, the JUNO Growth Fund combines market indices for equities, fixed income and cash. Finally, the combination of market indices for each fund is weighted according to its target asset mix.
For example, the market index return for the JUNO Growth Fund is 80% the return of the market index for equities, 10% the return for fixed income and 10% the return of the market index for cash. More information about the JUNO KiwiSaver Scheme market indices can be found in the Statement of Investment Policy and Objectives (SIPO).