Trading doesn't cost the manager anything, and it's not reported as an expense to the fund, but the resulting brokerage costs erode your return by up to 1% a year.

交易不会花费经理人什么代价，也不会计入到基金的交易费中，其结果就是经纪人的佣金使你的年收益率降低1%以上。

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A fund incurs brokerage costs when it buys and sells securities. These costs are not included in the expense ratio, but separately listed in annual reports or statement of additional information.

基金买卖证券需付经纪佣金，但这项费用并不包括在费用比率内，只可见于基金年报或其它文件中。

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Brokerage commissions are a huge expense for most funds.

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When investors buy or sell mutual funds through discount brokerage firms' "no transaction fee" marketplaces, part of the funds' expense charges are going to compensate the brokerage firms.

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The conventional stripped-down expense ratio, excluding brokerage, has its defenders.

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