Annual U.S. Fund Fee Study

Fees hit record lows again in 2020. Our report unpacks the trends behind the numbers.

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What's Inside

Trends in Fund Fees

Our analysts found the asset-weighted average expense ratio across funds was 0.41% in 2020, a 3% decline from 2019.

Asset Flows

Low-cost funds generally have greater odds of surviving and outperforming their more-expensive peers.

How Fees Are Being Shaped

The evolution of the economics of the advice business is shaping flows and, by extension, fees.

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