The management expense ratio (MER) shows the percentage of the fund’s daily average net assets that was paid in management fees and other expenses during the year. The MER is shown at an annualized rate if the financial year is less than 12 months. The method of calculating the MER of mutual funds was changed by securities regulators on February 1, 2000. Some expenses, such as taxes and interest that were previously excluded, are now included in the calculation.
Term of the Minute
Everything a company or person owns, including money, securities, equipment and real estate. Assets include everything that is owed to the company or person. Assets are listed on a company’s balance sheet or an individual’s net worth statement.