Mutual fund and ETF investment management fees have declined steadily in the last decade, according to a new study by Morningstar Canada. The firm’s 2025 Canadian Fund Fee Study reports that on a simple average basis, fees are down 22 basis points. They’re down seven basis points on a weighted average basis.

“Investors want cheaper strategies, and fund companies have delivered,” writes Michael Dobson, manager, research analyst in his report. “Price matters. Cheaper funds took in more flows than expensive ones and were less likely to close over the period examined.”

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