Who pays for the fund managers' salary then? If sales charge 0% the fund company can declare bankruptcy already.

The fees are moving to back-end clearly, so it becomes less transparent, no upfront fee means more fees to take back-end as recurrent revenue for fund management companies.

There is a reason why iFAST's shares are doing well in the past year.

The "no-commission" promotion is nothing more than a marketing gimmick, not unlike the Robinhood model that attracted so many retailers in the States.