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Harry
Expense Ratio after deductions?
I am looking at the Expense ratios of some of my funds and I am wondering what the difference is between expense ratio and expense ratio after deductions? Ex. My expense ratio for my 2050 fund:
Expense Ratio as of 05/18/2009 0.71%
Expense Ratio after Reductions as of 03/31/2010 0.05%
These definitions are from Fidelity:
Expense Ratio is the total annual fund operating expense ratio from the fund's most recent prospectus.
Expense Ratio after Reductions is an annualized figure which reflects amounts reimbursed by Fidelity or reductions from brokerage service arrangements or other expense offset arrangements. This figure represents the net expenses paid by the fund and does not represent the amount paid by the fund during periods when reimbursements or reductions occur.
Well, Fidelity did give you the answer there. But I can see how that may be confusing.
Essentially, Fidelity has forgone some of their fees of the fund to maintain it steady and keep you as a client.
These are drastic measures that Mutual fund houses will take in volatile markets when the funds lose considerable value. They will refund those fees back to the fund.
ie; Lets say your fund lost 10% before expenses. once you add the expenses your total loss is 10.71%
with a portion the fee refunded your total loos will be 10.05%
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