美国共同基金费率变化趋势研究

基于ICI各年有关基金费率的研究，从美国共同基金的费率水平和组成结构、费率水平下降的动因，以及费率设计创新趋势三方面总结了美国共同基金费率体系自1980年以来的变化。在市场竞争机制约束下，美国共同基金的整体费率水平下降，免费基金大量崛起，其中传统的前端费用逐渐被后端费用替代，12b-1服务营销费用比重上升。同时，美国共同基金的收费方式和费用补偿机制的创新也正在向组合灵活、适应投资者多样化需求的目标发展。

Research on the Trend of Changes in American Mutual Fund Fees and Expenses

This article summarized the changing trend of American mutual fund fees and expenses since 1980 based on the ICI fact book 2003~2006,regarding three aspects of fees and expenses level and structure,factors leading to fees decrease as well as the innovation trend of mutual fund fees and expenses system.We conclude that,under the market competition force,the general fees level of American mutual fund is on the decline with no-load funds becoming popular,and front-end load is gradually replaced by back-end load while the proportion of 12b-1 fees is rising.In addition,the charging mode and cost compensation mechanism is more and more flexibly organized to meet varieties of investors needs.