{"id":1477,"date":"2024-01-08T17:31:26","date_gmt":"2024-01-08T17:31:26","guid":{"rendered":"http:\/\/localhost\/dpetkovski\/?p=1477"},"modified":"2024-07-03T18:20:13","modified_gmt":"2024-07-03T18:20:13","slug":"total-expense-ratio-the-importance-of-keeping-it-low","status":"publish","type":"post","link":"http:\/\/localhost\/dpetkovski\/total-expense-ratio-the-importance-of-keeping-it-low\/","title":{"rendered":"Total Expense Ratio &#8211; The Importance of Keeping it Low"},"content":{"rendered":"<p>The <strong>Total Expense Ratio (TER) <\/strong>is the annual cost an investor pays while investing in a fund.<\/p>\n<p>From <a href=\"https:\/\/www.investopedia.com\/terms\/t\/ter.asp\">Investopedia<\/a>:<\/p>\n<blockquote><p>The total expense ratio (TER) is a measure of the total costs associated with managing and operating an investment fund, such as a mutual fund. These costs consist primarily of management fees and additional expenses, such as trading fees, legal fees, auditor fees, and other operational expenses.<\/p><\/blockquote>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_60 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-white ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\" role=\"button\"><label for=\"item-668bb736ea9d9\" ><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input aria-label=\"Toggle\" aria-label=\"item-668bb736ea9d9\"  type=\"checkbox\" id=\"item-668bb736ea9d9\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"http:\/\/localhost\/dpetkovski\/total-expense-ratio-the-importance-of-keeping-it-low\/#TER_Total_Expense_Ratio_Introduction\" title=\"TER (Total Expense Ratio): Introduction\">TER (Total Expense Ratio): Introduction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"http:\/\/localhost\/dpetkovski\/total-expense-ratio-the-importance-of-keeping-it-low\/#Why_is_a_Low_TER_so_Important\" title=\"Why is a Low TER so Important?\">Why is a Low TER so Important?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"http:\/\/localhost\/dpetkovski\/total-expense-ratio-the-importance-of-keeping-it-low\/#Fund_1\" title=\"Fund 1\">Fund 1<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"http:\/\/localhost\/dpetkovski\/total-expense-ratio-the-importance-of-keeping-it-low\/#Fund_2\" title=\"Fund 2\">Fund 2<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"http:\/\/localhost\/dpetkovski\/total-expense-ratio-the-importance-of-keeping-it-low\/#Conclusion\" title=\"Conclusion\">Conclusion<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"http:\/\/localhost\/dpetkovski\/total-expense-ratio-the-importance-of-keeping-it-low\/#Difference_After_30_Years\" title=\"Difference After 30 Years\">Difference After 30 Years<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"TER_Total_Expense_Ratio_Introduction\"><\/span>TER (Total Expense Ratio): Introduction<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>The TER is basically a management fee. It is not an &#8220;extra cost&#8221; you&#8217;d need to pay in cash year after year, but an amount that will be automatically deducted from your portfolio by the fund.<\/p>\n<p>Every fund, whether it&#8217;s a mutual fund, <a href=\"https:\/\/dpetkovski.com\/index-investing-index-funds-a-gentle-introduction\/\">index fund<\/a>, or an <a href=\"https:\/\/dpetkovski.com\/etfs-exchange-traded-funds\/\">ETF<\/a>, will have an ongoing charge &#8211; the <strong>total expense ratio<\/strong>.<\/p>\n<p>It is represented in percentage terms and can be found in the prospectus for any fund you&#8217;d be researching. Here&#8217;s an example of <a href=\"https:\/\/www.ishares.com\/uk\/individual\/en\/products\/253743\/ishares-sp-500-b-ucits-etf-acc-fund\">BlackRock&#8217;s S&amp;P 500 UCITS ETF<\/a>:<\/p>\n<div id=\"attachment_1479\" style=\"width: 934px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1479\" class=\"wp-image-1479\" src=\"http:\/\/localhost\/dpetkovski\/wp-content\/uploads\/2024\/01\/CSPXDetailsTER.png\" alt=\"total expense ratio\" width=\"924\" height=\"596\" \/><p id=\"caption-attachment-1479\" class=\"wp-caption-text\">The Key Facts for the $CSPX ETF, highlighting its low TER of 0.07%<\/p><\/div>\n<p>Note that the less involvement the management of a fund requires, the cheaper it will be. So index trackers will always be cheaper than actively managed funds.<\/p>\n<p>Of course, as a <em>&#8220;passive investor&#8221;<\/em>, you&#8217;re not really interested in those anyway&#8230; But it&#8217;s worth mentioning that there are funds charging as high as 2% per year.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_is_a_Low_TER_so_Important\"><\/span>Why is a Low TER so Important?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Let\u2019s take a look at two funds that yield the same hypothetical returns, but one is more expensive than the other.<\/p>\n<p>Let\u2019s say we\u2019re investing $100k in a <a href=\"https:\/\/dpetkovski.com\/lump-sum-strategy-time-in-the-market-done-right\/\">lump-sum<\/a> manner for a 20 year time horizon, assume a 10% yearly return, and we will ignore taxes.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Fund_1\"><\/span>Fund 1<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The first fund has a 1% entry fee, an ongoing TER of 1%, and eventually, a 1% exit fee.<\/p>\n<ul>\n<li>So, 100,000$ \u2013 1% entry fee = 99,000$<\/li>\n<li>After 20 years, at 10% growth and 1% management expense per annum, the 99,000$ would be worth 544,744$:<\/li>\n<\/ul>\n<div id=\"attachment_1480\" style=\"width: 325px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1480\" class=\"wp-image-1480\" src=\"http:\/\/localhost\/dpetkovski\/wp-content\/uploads\/2024\/01\/ExpensiveFundCosts.png\" alt=\"high ter\" width=\"315\" height=\"504\" \/><p id=\"caption-attachment-1480\" class=\"wp-caption-text\">Calculation: X = X-1 * 1.1 * 0.99<\/p><\/div>\n<ul>\n<li>When withdrawing the amount, we pay a 1% exit fee and we\u2019re left with 539,296$.<\/li>\n<\/ul>\n<p style=\"text-align: center;\"><strong>Fund 1 final value: 539,296$<\/strong><\/p>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"Fund_2\"><\/span>Fund 2<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The other fund has no enter and exit fees, but just an unavoidable expense ratio of 0.1%.<\/p>\n<ul>\n<li>After 20 years, at 10% growth and 0.1% expense per annum, the $100k would be worth 659,422$.<\/li>\n<\/ul>\n<div id=\"attachment_1481\" style=\"width: 325px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1481\" class=\"wp-image-1481\" src=\"http:\/\/localhost\/dpetkovski\/wp-content\/uploads\/2024\/01\/CheapFundCosts.png\" alt=\"low ter\" width=\"315\" height=\"503\" \/><p id=\"caption-attachment-1481\" class=\"wp-caption-text\">Calculation: X = X-1 * 1.1 * 0.999<\/p><\/div>\n<p style=\"text-align: center;\"><strong>Fund 2 final value: 659,422$<\/strong><\/p>\n<hr \/>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>in summary, the <strong><em>greater <\/em><\/strong>the expense, the <strong><em>lower <\/em><\/strong>your returns will be.<\/p>\n<p>If you invest in a fund with a TER of 2% and your investment grows 10% during the year, your <em>actual return\u00a0<\/em>would be only 8%.<\/p>\n<p>As mentioned earlier, index-tracking funds&#8217; costs are rarely that high. However, we see that even a seemingly small difference of sub-1% can make a drastic difference in your portfolio\u2019s performance over the years.<\/p>\n<p>In this post&#8217;s example, they made a difference of <strong>more than $100k<\/strong>.<\/p>\n<p>So remember, there is a single parameter that will determine how your portfolio will perform over the long run:<\/p>\n<h3><strong>The cost.<\/strong><\/h3>\n<hr \/>\n<h3><span class=\"ez-toc-section\" id=\"Difference_After_30_Years\"><\/span>Difference After 30 Years<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>And it gets worse as time goes by.<\/p>\n<p>Below is the difference in performance of the next 10 years:<\/p>\n<div id=\"attachment_1482\" style=\"width: 784px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" aria-describedby=\"caption-attachment-1482\" class=\"wp-image-1482\" src=\"http:\/\/localhost\/dpetkovski\/wp-content\/uploads\/2024\/01\/30yearDiff.png\" alt=\"total expense ratio\" width=\"774\" height=\"307\" \/><p id=\"caption-attachment-1482\" class=\"wp-caption-text\">Difference in performance of a fund with 1% TER (Fund 1) and a fund with 0.1% TER (Fund 2)<\/p><\/div>\n<p>And note, the TER is just one type of cost.<\/p>\n<p>To learn about the rest of them, head to <a href=\"https:\/\/dpetkovski.com\/investing-expenses-full-breakdown\/\">All Investing Expenses &#8211; Full Breakdown<\/a>.<\/p>\n<p><em>To kick-start your stock market investment journey, visit my <strong>free resource<\/strong>:\u00a0<strong><a href=\"https:\/\/dpetkovski.com\/how-to-start-investing-a-complete-beginner-series\/\" target=\"_blank\" rel=\"noopener\">How to Start Investing: A Complete Beginner Series<\/a>.<\/strong><\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Total Expense Ratio (TER) is the annual cost an investor pays while investing in a fund. From Investopedia: The total expense ratio (TER) is a measure of the total costs associated with managing and operating an investment fund, such as a mutual fund. These costs consist primarily of management fees and additional expenses, such&nbsp;&hellip;<\/p>\n","protected":false},"author":1,"featured_media":1478,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,17],"tags":[],"ppma_author":[4],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Total Expense Ratio - The Importance of Keeping it Low - D. Petkovski<\/title>\n<meta name=\"description\" content=\"The Total Expense Ratio (TER) is the annual cost an investor pays to a fund. 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Petkovski \ud83d\udcd3 Author\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Husband &amp; Father Software Engineer\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0StrengthCentric Bitcoin Hodler\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\u00a0DeFi Veteran \u00a0 \ud83c\udf0d Everything Enthusiast \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0\ud83d\udd25 Optimist Revolutionizing ideas. Simplifying complexity. Sharing knowledge.","sameAs":["https:\/\/facebook.com\/dpetkovski","https:\/\/www.instagram.com\/strengthcentric\/","https:\/\/twitter.com\/petkovskix"],"url":"http:\/\/localhost\/dpetkovski\/author\/petkovski\/"}]}},"authors":[{"term_id":4,"user_id":1,"is_guest":0,"slug":"petkovski","display_name":"D. Petkovski","avatar_url":"http:\/\/0.gravatar.com\/avatar\/?s=96&d=mm&r=g","user_url":"","last_name":"","first_name":"","description":"<span style=\"font-size: 23px\">D. Petkovski<\/span> <br> <br>\r\n\r\n\ud83d\udcd3 Author\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0<span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\"><img class=\"emoji\" role=\"img\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/1f46a.svg\" alt=\"\ud83d\udc6a\" \/> Husband &amp; Father <\/span>\r\n<br>\r\n<span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\"><img class=\"emoji\" role=\"img\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/1f5a5.svg\" alt=\"\ud83d\udda5\ufe0f\" \/> Software Engineer\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 <\/span><span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\"><img class=\"emoji\" role=\"img\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/1f4aa.svg\" alt=\"\ud83d\udcaa\" \/><\/span><span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\">\u00a0StrengthCentric <\/span>\r\n<br>\r\n<span class=\"r-18u37iz\"><img class=\"r-4qtqp9 r-dflpy8 r-zw8f10 r-10akycc r-h9hxbl r-9cviqr\" src=\"https:\/\/abs.twimg.com\/hashflags\/Bitcoin_evergreen\/Bitcoin_evergreen.png\" alt=\"\" width=\"20\" height=\"20\" \/> <\/span> Bitcoin <span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\">Hodler\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0   \u00a0                            \u00a0 \u00a0 \u00a0<\/span><span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\"><img class=\"emoji\" role=\"img\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/14.0.0\/svg\/1f4c8.svg\" alt=\"\ud83d\udcc8\" \/><\/span>\u00a0<span class=\"r-18u37iz\">DeFi<\/span><span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\"> Veteran <\/span><span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\">\u00a0<\/span>\r\n<br>\r\n\ud83c\udf0d Everything Enthusiast              \u00a0 \u00a0 \u00a0 \u00a0   \u00a0 \u00a0 \u00a0              \u00a0   \u00a0\ud83d\udd25 Optimist <br><br>\r\n\r\nRevolutionizing ideas. Simplifying complexity. Sharing knowledge. \r\n"}],"_links":{"self":[{"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/posts\/1477"}],"collection":[{"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/comments?post=1477"}],"version-history":[{"count":14,"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/posts\/1477\/revisions"}],"predecessor-version":[{"id":3425,"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/posts\/1477\/revisions\/3425"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/media\/1478"}],"wp:attachment":[{"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/media?parent=1477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/categories?post=1477"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/tags?post=1477"},{"taxonomy":"author","embeddable":true,"href":"http:\/\/localhost\/dpetkovski\/wp-json\/wp\/v2\/ppma_author?post=1477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}