Net-of-fee return
The change in a unit's calculated price — what the holder actually received after every expense taken out of the fund's property.
How to read the number
This is the figure to set against a benchmark: an index itself carries no costs, and the gap between them is the price of management.
When the metric lies
An advertised return is sometimes computed on a well-chosen stretch or before the fee is deducted. A comparison only works when the period, the benchmark and the treatment of distributions all match.
Also known as: return after fees