<|im_start|>user
What is the expense ratio for an ETF?<|im_end|>
<|im_start|>assistant
An expense ratio reflects how much a mutual fund or an ETF (exchange-traded fund) pays for portfolio management, administration, marketing, and distribution, among other expenses. You'll almost always see it expressed as a percentage of the fund's average net assets (instead of a flat dollar amount).<|im_end|>
