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  The expense ratio refers to the percentage of a mutual fund's assets that are allocated to cover the fund's operating expenses. These expenses include management fees, administrative costs, marketing expenses, custodial fees, and other operational costs incurred in managing and administering the fund. The expense ratio is calculated annually by dividing the total expenses incurred by the mutual fund by its average net assets over the same period. It is expressed as a percentage and represents the proportion of an investor's assets deducted each year to cover the fund's expenses. Expense ratios vary among mutual funds and can have a significant impact on the overall returns that investors receive. Generally, funds with lower expense ratios tend to be more cost-effective for investors, as they result in fewer deductions from the investment returns. Conversely, funds with higher expense ratios may eat into the returns generated by the fund's underlying investments, ...