ICI Contacts
News & Publications
News & Publications
Mutual Fund Expense Ratios Remain at Historic Lows for Retirement Savers
Washington, DC; July 16, 2025—Investment Company Institute (ICI) research released today finds that retirement savers in 401(k) plans saw average mutual fund expense ratios at historic lows for another year. The ICI’s new report, “ The Economics of Providing 401(k) Plans: Services, Fees, and Expenses, 2024,” reveals a vibrant and competitive 401(k) plan market for mutual funds, providing millions of American workers with a cost-effective investment vehicle to save for retirement. For example, average equity mutual fund expense ratios incurred by 401(k) plan participants have fallen by 66...
US Equity Fund Fees Continue to Decline Amid Rising Investor Demand for Lower-Cost Options
Washington, DC, March 26, 2025—Investor interest in lower-cost funds fueled the downward trend in average equity mutual fund expense ratios in 2024, a new report from the Investment Company Institute shows. The report, Trends in the Expenses and Fees of Funds, 2024, highlights that the average expense ratio for equity and bond mutual funds has dropped 62 percent and 55 percent, respectively, from 1996 to 2024. US investors’ increasing preference for no-load funds has helped drive this long-term trend, with gross sales of long-term mutual funds without 12b-1 fees rising from 46 percent of all...
Comparing UCITS and Mutual Funds: UCITS Costs Are Declining, but Structural Challenges Remain
Recent comparisons between the fees of US mutual funds and European UCITS funds rightfully acknowledge key structural differences between the two markets but don’t change the reality that the asset-weighted average cost of US mutual funds is significantly lower than that of UCITS. While some argue that comparing similar share classes and accounting for different cost structures can narrow this gap, these methodological refinements ignore a fundamental issue—how to ensure UCITS can scale effectively to deliver greater benefits to European retail investors. UCITS operate in a more fragmented...
UCITS: A Cost-Effective Savings Vehicle Benefitting Investors Worldwide
Washington, DC, December 19, 2024—UCITS remain a global success story, serving as a cost-effective savings tool for investors worldwide since their adoption in 1985. An updated report from the Investment Company Institute (ICI), Ongoing Charges for UCITS in the European Union, 2023, shows the average ongoing charge for equity UCITS remained unchanged in 2023, and the average ongoing charge for fixed-income UCITS increased by one basis point. While these average ongoing charges remained generally flat in that one-year period, the report also highlights that the 10-year trends for both equity...
Additional Resources
This section contains the latest SEC releases on the issues around processing fees.
- Request for Comments on the Processing Fees Charged by Intermediaries for Distributing Materials Other Than Proxy Materials to Fund Investors (Jun 5, 2018)
- Order Granting Approval to Proposed Rule Change Adopting Maximum Fees Member Organizations May Charge in Connection with the Distribution of Shareholder Reports Pursuant to Electronic Delivery Rules (Nov 18, 2016)
- Order Granting Approval to Proposed Rule Change Amending NYSE Rules 451 and 465 and Related Provisions (Oct 18, 2013)
- Order Instituting Proceedings to Determine Whether to Disapprove Proposed Rule Change Amending NYSE Rules 451 and 465 and Related Provisions (May 23, 2013)
- Notice of Filing of Proposed Rule Change Amending NYSE Rules 451 and 465 and Related Provisions (Feb 15, 2013)
- Concept Release on the US Proxy System (Jul 14, 2010)
- Order Approving Proposed Rule Change and Amendment No.1 to NYSE Rules Regarding the Transmission of Shareholder Communication Material and Proxy Reimbursement Guidelines (Mar 25, 2002)
- Notice of Filing of Proposed Rule Change and Amendment No. 1 to NYSE Rules Regarding the Transmission of Shareholder Communication Material and Proxy Reimbursement Guidelines (Jan 9, 2002)