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Morningstar’s 2023 Annual US Fund Fee Study

US fund fees declined at a slower pace in 2023.

Mutual fund investors have been saving billions of dollars in fund expenses thanks to the continued decrease in fund fees. Between 2004 and 2023, the asset-weighted average expense ratio fell from 0.87% to 0.36%. Between 2022 and 2023, the average expense ratio fell by only 0.01%. With fees decreasing at a slower rate, what should asset managers pay attention to?

Our annual US Fund Fee Study analyzes the fund fee landscape, particularly mutual fund fee trends, asset flows by fees, spotlights into sustainable and strategic-beta funds, asset managers, and more.

Download the report now to use our 2023 fund analysis to strengthen your clients’ portfolios.

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What's Inside

  • A breakdown of fee trends by investors, the industry, and new funds

  • How the asset-weighted average expense ratio varies for active vs. passive funds and mutual funds vs. exchange-traded funds

  • How fund fees are being shaped by the evolving economics of advice

Get the Report