Expense-ratio definitions

A measure of the operating expenses of a mutual fund as a percentage of the average net assets. These expenses cover the costs of providing services to shareholders, professional money managers, and administrative staff. The expenses are deducted from the fund’s income. Expense ratios vary, but typically they range from 0.3 percent up to about 1.80 percent of the average net assets, although the latter number can easily be exceeded.
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