Question: What does a mutual funds expense ratio represent? The amount the fund spent last year on trading and brokerage costs as a percentage of the

What does a mutual funds expense ratio represent?

The amount the fund spent last year on trading and brokerage costs as a percentage of the total investment portfolio

The amount the fund spent last year on capital gain tax expenses, as a percentage of the total investment portfolio

The amount the fund spent last year on trading and brokerage costs, as a percentage of total administrative costs

The amount the fund spent last year on administrative costs, as a percentage of the total investment portfolio

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