Actual is different from maximum
A maximum permitted charge is a limit, not proof of the charge actually incurred. Keep actual TER, management fees, entry/exit loads, levies and their applicable periods separate. Missing fees are not zero fees.
Avoid counting expenses twice
NAV-based net returns generally already reflect expenses deducted within the fund. Subtracting the same TER again would count the expense twice. A gross-return cost scenario is a different calculation and must say what it assumes.
Check the conditions
Charges can depend on share class, holding period, distribution channel or a stated waiver. Read those conditions in the source. A lower reported cost is one useful research fact; it is not a complete assessment of the fund.
Put the explanation to work.
Open the corresponding research view with the context in mind.
Independent research education. Data and methods: ILovePSX methodology · SECP risk explanations ↗