Reading a Fund Fact Sheet and Prospectus Fee Table

A line-by-line guide to the standardized fee table in every mutual fund and ETF prospectus, illustrated with two real summary prospectuses, plus what a fact sheet and shareholder report add.

Published by Greg M., Editor in Chief · Updated November 9, 2026

Every mutual fund and ETF has to show its costs in the same standardized table near the front of its prospectus. The format is standardized so that funds can be compared on equal terms (Investor.gov, How to Read a Mutual Fund Prospectus, Part 2, checked November 9, 2026).

This guide walks through that table using two real summary prospectuses from different providers: an index ETF and an actively managed mutual fund with several share classes. They were chosen only to show how to read a fee table, not as recommendations, and the two aren’t alternatives to each other: they hold different things and follow different strategies. Figures are as stated in each fund’s own document on the date shown and will change.

Where to find the fee table

The summary prospectus is a short version of the full prospectus that covers the key facts: the fund’s objective, principal strategies and risks, costs and past performance (Investor.gov, ETF bulletin, checked November 9, 2026). The fee table appears under “Fees and Expenses”, usually on the first page or two. You can get the summary or full prospectus free from the fund’s website, from a broker that sells it, or from the SEC’s EDGAR database (Investor.gov, Mutual Fund and ETF Fees and Expenses, checked November 9, 2026).

The table has three parts: shareholder fees you pay directly, annual fund operating expenses you pay indirectly, and a dollar example.

Part 1: Shareholder fees

These are charges you pay directly when you buy, sell or exchange shares, or to maintain an account (Investor.gov, Mutual Fund and ETF Fees and Expenses, checked November 9, 2026). The possible lines are:

• Maximum sales charge (load) on purchases, a front-end load taken from the money you invest.
• Maximum deferred sales charge, a back-end load taken when you sell.
• Redemption fee, paid to the fund when you sell.
• Exchange fee, for moving into another fund in the same family.
• Account fee, sometimes charged on small accounts.

The word “maximum” matters: a front-end load can be lower if you qualify for a discount at a larger investment amount, known as a breakpoint. Shareholder fees are uncommon for ETFs, and many funds have none, in which case this part may be missing entirely.

Illustration 1: an index ETF. The iShares Core S&P 500 ETF summary prospectus dated July 31, 2026 (BlackRock; checked November 9, 2026) has no shareholder fee table at all. Its “Fees and Expenses” section goes straight to annual operating expenses.

Illustration 2: a mutual fund with share classes. The Growth Fund of America summary prospectus dated November 1, 2026 (Capital Group; checked November 9, 2026) shows a separate column for each share class. Class A shares carry a maximum front-end sales charge of 5.75% and Class C shares a maximum deferred sales charge of 1.00%, with no front-end charge. (Class A also shows a 1.00% deferred charge, but a footnote limits it to certain redemptions within 18 months of purchases of $1 million or more made without an initial sales charge.) The text above the table says sales charge discounts may be available to investors and their families who invest, or agree to invest in the future, at least $25,000 in the Capital Group fund family, and points to the “Sales charge reductions and waivers” section of the full prospectus and to the statement of additional information for details.

That one table shows why share-class choice matters. Loads and the 12b-1 fees that often accompany them are explained in the costs beyond the expense ratio.

Part 2: Annual fund operating expenses

These are the ongoing costs the fund pays out of its assets, which reduce the value of every shareholder’s investment. The lines are:

• Management fees, paid to the investment adviser.
• Distribution and/or service (12b-1) fees, for marketing and selling shares. Typically found in mutual funds, not ETFs.
• Other expenses, such as custody, legal, accounting and transfer-agent costs.
• Acquired fund fees and expenses, shown if the fund invests in other funds.
• Total annual fund operating expenses, which is the expense ratio.

Some tables add a fee waiver and/or expense reimbursement line and a lower total after it. That means the adviser has agreed to cut fees, temporarily or indefinitely, and the SEC notes the waived amounts may be recouped later (Investor.gov, Mutual Fund and ETF Fees and Expenses, checked November 9, 2026). The footnotes explain the terms.

In Illustration 1, the ETF lists a management fee of 0.03%, other expenses of 0.00% and a total of 0.03%. There’s no 12b-1 line. A footnote says that the operating expenses the adviser pays under its advisory agreement exclude any acquired fund fees and expenses; the full prospectus describes that arrangement.

In Illustration 2, the management fee is 0.25% for every class, but the totals differ because of the 12b-1 fee and other expenses:

(Figures from the November 1, 2026 summary prospectus; the fund offers further classes not shown here.) Each class owns the same portfolio. The difference in totals is the price of different ways of buying and paying for advice, which is why it’s important to read the column for the class you’d actually hold (Investor.gov, Mutual Fund Classes, checked November 9, 2026). Our guide to what an expense ratio costs over 30 years shows how gaps like these compound.

Part 3: The expense example

Below the percentages, the table converts costs into dollars. The example uses a hypothetical $10,000 investment and shows the total cost after 1, 3, 5 and 10 years; both illustrations’ example text states that it assumes a 5% return each year and that operating expenses stay the same. It can show costs both if you sell at the end of each period and if you keep the shares, which differ when a deferred sales charge applies (Investor.gov, How to Read a Mutual Fund Prospectus, Part 2, checked November 9, 2026). The 5% is a standard assumption used for comparison, not a forecast for that fund.

Illustration 1 (ETF): $3 after 1 year, $10 after 3, $17 after 5 and $39 after 10.

Illustration 2 (mutual fund, if you sell at the end of each period):

Reading it: the Class A one-year figure is high because it includes the 5.75% front-end load, which on $10,000 is $575 (5.75% × $10,000), leaving about $56 for a year’s operating expenses. The Class C one-year figure includes the 1.00% deferred charge, $100 on a $10,000 sale. Over 10 years, the higher ongoing 12b-1 fee in Class C adds up, and under this example’s assumptions ($10,000 invested, a 5% return each year, unchanged expenses and a sale at the end of each period) its 10-year cost ends above Class A’s. That ordering is a product of those assumptions: a different amount (which could qualify for a breakpoint), holding period or class would change it, and these figures say nothing about which class suits any particular investor.

Other lines near the fee table

Portfolio turnover. Right after the example, the prospectus states how much of the portfolio the fund bought and sold in its last fiscal year. Illustration 1 reports 3% and Illustration 2 reports 39%. Trading costs aren’t included in the expense ratio or the example, so turnover is a rough indicator of costs the table doesn’t show. In a taxable account, higher turnover can also mean more taxable gains passed on to shareholders (Investor.gov, How to Read a Mutual Fund or ETF Shareholder Report, checked November 9, 2026). See how capital gains are taxed.

Performance. Later in the summary, the prospectus shows a bar chart of up to ten calendar years of returns, a table comparing average annual returns with a broad market index, and the best and worst quarters. These are history: past performance does not guarantee future results.

What the table leaves out. Brokerage commissions, ETF bid-ask spreads and premiums or discounts to net asset value, and any advisory or wrap fee you pay a financial professional don’t appear in the prospectus fee table.

What a fact sheet adds, and what it doesn’t

Fund companies also publish short fact sheets, typically showing the expense ratio, top holdings, performance and, for index funds, the index tracked. A fact sheet is the fund company’s own summary, not the prospectus. Check its “as of” date, and confirm the fees against the current prospectus fee table, which is the standardized disclosure.

The other official document worth knowing is the shareholder report, which funds send twice a year. Its expense table shows what a $10,000 investment actually cost over the period, as a dollar amount and a percentage. Those figures can differ from the prospectus, which shows current estimated fees, while the report shows actual fees for the period and excludes the costs of any underlying funds. It also shows net assets, holdings and turnover (Investor.gov, Shareholder Report bulletin, checked November 9, 2026).

Common questions

Where is the expense ratio in the fee table? It’s the “Total Annual Fund Operating Expenses” line. If there’s a fee waiver, look at both the total before the waiver and the total after it, and at the footnote explaining how long the waiver lasts.

Why does the example use a 5% return? It’s a standard assumption so that every fund’s dollar costs can be compared on the same basis. It isn’t a prediction for that fund or the market.

Why is there no shareholder fee section in some prospectuses? Many funds, including most ETFs, charge no sales loads or other direct shareholder fees, so that part of the table is omitted or shows “None”.

Is the fact sheet or the prospectus correct if they differ? Figures can differ simply because they’re dated differently. The prospectus fee table is the standardized disclosure; a fact sheet’s date tells you what period it reflects.

Sources checked November 9, 2026: iShares Core S&P 500 ETF summary prospectus, July 31, 2026 and The Growth Fund of America summary prospectus, November 1, 2026, both on SEC EDGAR; Investor.gov (SEC Office of Investor Education and Assistance) How to Read a Mutual Fund Prospectus, Part 2 (June 13, 2016), Mutual Fund and ETF Fees and Expenses (July 23, 2025), Mutual Fund Classes (updated February 24, 2021) and How to Read a Mutual Fund or ETF Shareholder Report (January 19, 2024).