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What is a total expense ratio?

The total expense ratio (also known as the "ongoing charge") for a fund is the combined total of fund management charges and other administration costs. It is expressed as an annualised percentage of the fund value.

It does not normally include trading costs which are the third main source of cost within a fund. Trading costs are only reflected in the performance of the fund.

For the full picture, find out about the total investment costs incurred by funds.