The set up fees are being covered by the manager, which seems to be a new trend.
However, the devil is in the detail. The costs will be covered by 30 monthly payments back to the fund. Therefore, when the first monthly NTA report comes out, it will still reflect the set up costs (all bar 1/30 of it, presumably). Maybe that's part of the reason the price was set at $2.20....to keep any initial drop above the psychological $2.00 level.
If the 10yr yield keeps it's current trajectory over the next few weeks, any sell off in global equity markets might be perfect timing for this new fund to deploy it's capital.
