Index fund comparisons

We compare Australian share index funds and profile a low-cost Exchange Traded Fund.
 
Learn more
 
 
 
 
 
  • Updated:6 Mar 2006
 

01 .Introduction

Index-funds

Index funds are the most cost-effective way to get investment returns reflecting (before fees) the returns of particular benchmark indices, such as the Australian shares S&P/ASX 200 index. The main features of index investing are:

  • Lower fees: index funds are generally cheaper than actively managed funds, although you can still pay a lot for some index funds if you invest through a master trust and pay for advice. Fees have a big impact on investment returns.
  • Average performance: index funds won’t outperform the market or more successful active managers — the aim is for average returns in line with the index, before fees.
  • Long-term outlook: share index investing is based on the assumption that over the long-term shares outperform most other asset classes. In the short- to medium-term, share prices go up and down, so index investing is like a marathon, not a sprint.

Please note: this information was current as of March 2006 but is still a useful guide to today's market.


This report compares fees, features and performance of Australian share index funds and profiles Exchange Traded Funds (ETFs), a new low-cost way to track index returns.

Investment performance warning

Past performance is not a guide to future performance. Australian shares have had an outstanding run over the last three years, but whether share values continue to rise in the future is highly uncertain.

Findings

  • Availability: most funds we compared are only available through master trusts; a couple are available direct to investors as 'stand-alone' funds.
  • ETFs have lower fees: the cheapest retail share index fund we could find is an exchange traded fund from State Street Global Advisors (SSgA).
  • Index tracked: most Australian share index funds aim to mirror the performance of the S&P/ASX 200 Australian Shares Index (considered Australia's investment benchmark and including 78% of listed companies, as measured by market capitalisation). Others track the S&P/ASX 300 (79% market capitalisation for Australia).
  • Returns: index funds are likely to mirror their chosen benchmark, before fees, pretty closely (the technical term for their accuracy is the 'tracking error rate'). Differences in funds' returns are due mainly to fees (taxes and transaction costs also play a part).
  • Fees: compare annual and entry fees; there can be huge differences.
    • Annual management fees. Management expense ratios (MERs) generally range from around 0.75% pa to over 1.5% pa. Vanguard's Index Australia Share Fund sold direct to investors has the lowest MER (0.75% pa for the first $50,000, 0.5% pa for the next $50,000 and 0.35% pa for balances over $100,000). Sometimes, index funds' MERs are higher when you invest through a master trust rather than direct. For example, investing in a Vanguard Australian share fund through an ANZ, ING or MLC master trust can nearly double the direct index fund's management costs: 1.44% (ANZ entry fee option), 1.44% (ING entry fee option) and MLC's maximum 1.28%. Fee discounts apply with these platforms.
    • Perhaps the main reason for higher fees through master trusts is that they use financial planners - higher fund management and entry fees are effectively what you pay for their advice.
    • Entry fees. Usually nil, but, TRAP: you could pay up to 5% for index funds offered through master trusts (that means 5% of your initial and subsequent investments could be swallowed up). Only pay an entry fee (which funds often pay to advisers as a commission, and which you can negotiate) if you think the advice is worth it. We don't think you should pay anything like 5% to access an index fund; the whole point of index investing is to keep fund management costs down and avoid adviser commissions and fees!
    • Minimum investment. Of funds available outside master trust structures, BankWest has the lowest minimum entry amount ($2500 if you agree to contribute at least $100 per month as part of a regular savings plan, otherwise $5000). Vanguard's starting amount is $5000; the minimum for additional contributions is $100 (Bpay) or $1000 (payments by cheque).
     
     

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    This article focuses on Australian share index funds; the table, details some of the main unlisted ones (not bought and sold on the Australian Stock Exchange like shares) and where they're available.

    There are several avenues for investing in index funds:

    Fund managers

    Index funds from companies such as BankWest and Vanguard Investments are available direct to consumers. Go to our fund comparison table or more.

    Wraps and master trusts

    Most include index funds on their investment menus. However, this can be an expensive way to invest in the index, depending on what fees you negotiate. You probably wouldn't open a new master trust or wrap account just to access index funds; several are available outside these platforms, often at lower costs. Index investing through a master trust could mean you pay higher management fees and adviser commissions than if you invested in an index fund available direct to retail investors. Go to our fund comparison table and see our report on wraps / master trusts for more.

    Super funds

    Many corporate super funds and master trusts (see above), as well as some industry funds, offer index funds on their investment menus. Check our table for the largest 20 super fundsoffering index options. We also compare new low-cost entrants like max Super and Virgin Superannuation which use indexing as their core approach.

    Advisers, financial planners and discount brokers (but don't forget to check out their fees and commissions).

    Stockbrokers

    Exchange traded funds, a type of index fund that can be bought and sold like shares, are available through stockbrokers.

    We asked research house Morningstar to provide data for Australian share index funds on its database, which we used to compile the table below.

    Investment performance warning

    Past performance is not a guide to future performance. Australian shares have had an outstanding run over the last three years, but whether share values continue to rise in the future is highly uncertain.

    Australian share index funds: features
    Fund name Available as ‘stand alone’ managed fund Only available through wrap account/master trust Benchmark index Inception Minimum investment ($) Minimum withdrawal ($) Income distribution Regular savings plan available
    ANZ OA Investment Portfolio Vanguard Australian Shares Index (b)
    www.anz.com
    • ANZ OneAnswer Investment Portfolio S&P/ASX 300 Accumulation Jun 2003 5000 for platform/ 1000 per fund 1000 Quarterly
    AXA Generations — Barclays Australian Equity Index
    www.axa.com.au
    • AXA Generations S&P/ASX 300 Accumulation Aug 2004 1000 500 Annually
    BankWest Top 200
    www.top200shares.com.au
    S&P/ASX 200 Accumulation Oct 2005 2500/5000 (g) 500 Quarterly
    BT State Street Australian Share Index
    www.btonline.com.au
    • BT Wrap Essentials S&P/ASX 200 Accumulation Dec 2004 1000 1000 6 monthly
    Colonial First State — CFS Indexed Australian Share
    www.colonialfirststate.com.au
    • FirstChoice Investments S&P/ASX 200 Accumulation May 2002 5000 500 Quarterly
    ING OA Investment Portfolio — Vanguard Australian Shares Index (b)
    www.ing.com.au
    • ING OneAnswer Investment Portfolio S&P/ASX 300 Accumulation Sept 2005 5000 (platform)/ 1000 (per fund) 1000 Quarterly
    MLC MasterKey — Vanguard Share Index
    www.mlc.com.au
    • MLC MasterKey master trust S&P/ASX 200 Accumulation Feb 1988 5000 500 Quarterly
    Skandia Global Investment Solutions — Barclays Australian Equity Index Fund
    www.australianskandia.com.au
    • Skandia One Investment Solutions or Global Investment Solutions S&P/ASX 300 Accumulation Jul 2002 3000 1000 Quarterly
    Skandia One Investment Solutions — Barclays Australian Equity Index Fund
    www.australianskandia.com.au
    • Skandia One Investment Solutions or Global Investment Solutions S&P/ASX 300 Accumulation Feb 2003 10,000 1000 Quarterly
    Vanguard Index Australian Shares Fund (n)
    www.vanguard.com.au
    S&P/ASX 300 Accumulation Oct 1998 5000 1000 6 monthly


    Investment performance warning

    Past performance is not a guide to future performance. Australian shares have had an outstanding run over the last three years, but whether share values continue to rise in the future is highly uncertain.

    Australian share index funds: fees and performance
    Fees
    Performance as at 31 December 2005 (%)
    Fund name Management
    fee/ MER
    (% pa) (a)
    Entry (%) Exit (%) Buy/sell
    differential
    (%)
    3 months 6 months 1 year 3 years (pa) 5 years (pa) 7 years (pa) Phone
    ANZ OA Investment Portfolio Vanguard Australian Shares Index (b)
    www.anz.com
    1.44 (b) (c) Up to 4 (b) Nil (b) 0.20/0.10 1.87/1.74 (d) 12.75/12.46 (d) 19.55/18.92 (d) NA NA NA 133 863
    AXA Generations — Barclays Australian Equity Index
    www.axa.com.au
    1.20 Up to 4.40 (e) Nil (f) 0.40 2.75 13.27 21.11 NA NA NA 131 737
    BankWest Top 200
    www.top200shares.com.au
    0.98 Nil Nil 0.20 NA NA NA NA NA NA 1300 867 200
    BT State Street Australian Share Index
    www.btonline.com.au
    1.40 Nil Nil 0.20 2.70 13.07 20.43 NA NA NA 132 135
    Colonial First State — CFS Indexed Australian Share
    www.colonialfirststate.com.au
    1.60 4 Nil 0.40 3.26 13.17 21.36 20.08 NA NA 1300 360 645
    ING OA Investment Portfolio — Vanguard Australian Shares Index(b)
    www.ing.com.au
    1.44 (b) (h) Up to 4 (b) Nil (b) 0.20/0.10 NA NA NA NA NA NA 133 665
    MLC MasterKey — Vanguard Share Index
    www.mlc.com.au
    1.28 (j) Up to 5 (k) Nil Nil 3.23 (m) 13.08 (m) 20.97 (m) 19.87 (m) 11.25 (m) 10.74 (m) 132 652
    Skandia Global Investment Solutions — Barclays Australian Equity Index Fund
    www.australianskandia.com.au
    1.11 4 Nil 0.20 3.25 13.45 21.24 20.31 NA NA 1300 300 088
    Skandia One Investment Solutions — Barclays Australian Equity Index Fund
    www.australianskandia.com.au
    1.81 4 Nil 0.20 3.07 13.01 20.39 NA NA NA 1300 300 088
    Vanguard Index Australian Shares Fund (n)
    www.vanguard.com.au
    0.75 (p) Nil Nil 0.30 3.36 13.61 21.86 20.90 12.02 11.48 1300 655 101
    Benchmark S&P/ASX 200 Australian Shares Accumulation index 3.56 13.90 22.83 21.69 12.65 12.04
    Benchmark S&P/ASX 300 Australian Shares Accumulation index 3.54 13.94 22.45 21.66 12.69 12.01
    Table: streetTRACKS S&P / ASX 200 fund

    Returns as at 31 December 2005 (%) S&P/ASX 200 Index (%)
    3 months 3.47 3.56
    6 months 13.63 13.9
    1 year 22.27 22.83
    3 years (pa) 21.26 21.69
    Since fund inception
    (pa since 31 August 2001)
    13.24 13.63
    Corporate master trust
    Fund Name Market Segment
    MLC MasterKey Superannuation Personal master trust
    Mercer Super Trust (Corporate Super Division) Corporate master trust
    Sunsuper Industry fund
    Colonial First State — FirstChoice Personal Super Personal master trust
    Plum Superannuation Fund Employer Division Corporate master trust
    BT SuperWrap Personal Super Plan (BT Badged) Personal master trust
    ASGARD Superannuation Account Personal master trust
    MLC MasterKey Business Super Corporate master trust
    HOST-PLUS Industry fund
    Navigator Personal Retirement Plan — Superannuation Service Personal master trust
    Macquarie Super Manager Personal master trust
    Integra Retirement Plan — Superannuation Personal master trust
    SUMMIT Master Trust Personal Super Plan Personal master trust
    ING Corporate Super
    MasterKey Custom Superannuation Fund Personal master trust
    ANZ Super Advantage — Personal Personal master trust
    ASGARD Employee Superannuation Account Corporate master trust
    PortfolioCare — Super Service Corporate master trust
    Colonial First State — FirstChoice Employer Super Corporate master trust
    Perpetual WealthFocus Super Plan Personal master trust

    Source: www.selectingsuper.com.au, December 2005.

    New low-cost entrants such as max Super and Virgin Superannuation also use indexing as their core approach (see Table 3 below).

    New super index funds
    Fund name Manager Management
    / MER
    (% pa)
    Entry (%) Exit (%) Switching (%) Buy/sell differential (%) Phone
    max Super (a) Barclays Global Investors Australia 1 Nil Nil Nil Max 0.25% 1300 883 629
    Virgin Superannuation (b) Macquarie Funds Management 1 Nil Nil Nil Max 0.25% 1300 855 040
    Effect of fees on index fund returns
    streetTracks S&P /
    ASX 200 Fund (a)
    Vanguard Index
    Australian shares (b)
    BankWest Top 200
    (c)
    Fund with higher entry/
    management fees (d)
    Entry fee ($) NA Nil Nil 400
    Stock broker fee ($) 30 NA NA NA
    Ongoing management fee (MER) ($) 173 451 586 797
    Total entry and ongoing fees ($) 203 451 586 1197
    Return after entry and management fees ($) 14,449 14,170 14,013 13,180
    Exit /stockbroker selling fee ($) 30 Nil Nil Nil
    Return after exit fee ($) 14,419 14,170 14,013 13,180

    Table notes


    Information correct as at 31 December 2005.

    NA Not applicable/not available. For example, past returns aren’t available for new funds.

    (a) Where the annual management fee/MER is applied on a tiered scale or progressively reduced for large investments, the table shows the first tier.

    (b) There are two options — the entry fee option has a lower MER (1.44% pa, less tiered discounts) and there’s no exit fee. The nil entry fee option has a higher MER (1.99% pa, less tiered discounts), but the exit fee is up to 3% of investments withdrawn within the first three years.

    (c) Ongoing fee rebates apply for all account balances: first $100,000 (0.15%), next $100,000 (0.35%), next $100,000 (0.55%); and amounts over $300,000 (0.75%).

    (d) First performance figure is for entry fee option; the second figure is for the nil entry fee option.

    (e) Up to 4.4% of each investment made with the entry fee option, negotiated with your financial adviser/planner. The ‘deferred entry fee’ option charges up to 1.45% of each investment made for up to 4 years.

    (f) Nil with nil entry fee option; up to 5.28% with deferred entry fee option.

    (g) Minimum starting balance is $2500 if you agree to contribute $100 per month through a savings plan; otherwise the minimum starting balance is $5000.

    (h) Ongoing fee rebates apply for account balances over $100,000: first $100,000 (no rebate), next $100,000 (0.2%), next $100,000 (0.4%), amounts over $300,000 (0.6%).

    (j) MER is 0.17% lower for total account value between $200,000 and $400,000; 0.32% lower for total account values over $400,000.

    (k) Entry fee is between nil and 5%, negotiable with your financial adviser/planner.

    (m) Performance figures assume maximum trail commissions/fees are paid to your financial planner. Trail commissions (0.66% pa) can be rebated, increasing investment returns.

    (n) Different fees, such as administration and account-keeping fees, apply with the Australian share index fund offered by the Vanguard Personal Superannuation Plan.

    (p) 0.75% for first $50,000, 0.5% for next $50,000, 0.35% for balances over $100,000.

    Source: Morningstar and funds, January 2006, except BankWest (source: CHOICE Money & Rights research based on Top 200 Product Disclosure Statement available in January 2006).

    04.EFTs cheaper index funds

     

    Exchange traded funds (ETFs) are index funds listed on the Australian Stock Exchange.

    • ETFs can be bought and sold like shares.
    • ETF fees are much lower fees than the unlisted index funds we've described so far.
    • There's just one provider of retail Australian share index ETFs in Australia - State Street Global Advisors (SSgA). It offers the streetTRACKS S&P/ASX 50 and S&P/ASX 200 funds.

    ETF good points

    • Lower fees. No entry or exit fees and extremely low MERs - at just under 0.29% streetTRACKS costs less than half of what the next cheapest index funds cost, and as little as one tenth of what you could pay with some actively managed share funds.
    • Liquidity. You can get in and out quickly (like shares and other listed securities).
    • Price transparency. The ASX regularly quotes up-to-date ETF prices, telling you the exact price you can buy and sell at. With unlisted funds, investors don't know the exact buy/sell price when they put in an application or redemption notice (they'll probably get the day's closing price).
    • Other advantages are similar to those of unlisted index funds - for example index managers buy and sell shares less frequently than active managers so their transaction costs and capital gains/taxes should be lower.

    ETF bad points

    • No choice. There’s only one provider of retail Australian share index ETFs.
    • Stockbroker fees. They’re effectively like entry/exit costs.
    • Not suitable for investors with relatively small starting amounts and who want to set up a regular savings plan (for example, making monthly contributions). Stockbroker fees would apply to each additional investment. While the annual management fees are higher with an unlisted index fund like BankWest’s Top 200, it might be more suitable for investors seeking a regular savings plan or with relatively small amounts to invest.
    • TRAP: inappropriate use. Some investors might buy and sell ETFs regularly — the opposite of what index funds are intended for. Trying to time the market is difficult; and buying and selling the index incurs transaction (stockbroker) costs.
    There's just one provider of retail Australian share index exchange traded funds (ETFs), streetTRACKS, which offers S&P/ASX 50 and 200 funds*. The latter invests in securities comprising the 200 index in proportion to their relative weightings. The fund may also hold short-term derivative contracts (futures), which the company says is to lower the risk that the fund outperforms or underperforms the benchmark index, and to achieve its investment aims.

    The table, below, compares the ETF's after-fee returns with its benchmark index. Comparing this table with the funds in our fund comparison table shows that the comparatively low management fee allows ETF investors to track the index more closely than with more expensive unlisted index funds. These performance figures don't take account of stockbroker fees investors would pay. See our fee comparison table for more.

    Table: streetTRACKS S&P / ASX 200 fund

    Returns as at 31 December 2005 (%) S&P/ASX 200 Index (%)
    3 months 3.47 3.56
    6 months 13.63 13.9
    1 year 22.27 22.83
    3 years (pa) 21.26 21.69
    Since fund inception
    (pa since 31 August 2001)
    13.24 13.63

    Investment performance warning

    Past performance is not a guide to future performance. Australian shares have had an outstanding run over the last three years, but whether share values continue to rise in the future is highly uncertain.

    Table notes

    Performance figures were calculated assuming dividends were reinvested. For example, the three-year return shows the average return that would have been received each year.

    Source: State Street Global Advisors, January 2006.

    Other key features include:

    • Traded on the ASX (you'll need to use a stockbroker to buy or sell units).
    • MER: 0.286%
    • No entry or exit fees but you'll have to pay stockbroker fees.
    • Investment amounts for individual investors start at one unit (market price in March 2006 is around $49).

    For comprehensive information on the fund:

    • There's more about ETFs on the ASX website
    • You can find out more about the streetTRACKS 200 ETF by entering its ASX code (STW) in the search box at the ASX website.
    • For more info read the product disclosure statement available at the streetTRACKS website.

    * Growth Equities Corporation offers actively managed ETFs traded on the ASX.

    This article last reviewed March 2006

    06.Options for super

     

    Many corporate super funds and master trusts, as well as some industry funds, offer index funds on their investment menus. The table below shows the largest 20 super funds which offer an index investment choice. For more information check out our Choice guide to DIY super.

    Table: Largest 20 superannuation funds offering an index investment choice

    Fund Name Market Segment
    MLC MasterKey Superannuation Personal master trust
    Mercer Super Trust (Corporate Super Division) Corporate master trust
    Sunsuper Industry fund
    Colonial First State — FirstChoice Personal Super Personal master trust
    Plum Superannuation Fund Employer Division Corporate master trust
    BT SuperWrap Personal Super Plan (BT Badged) Personal master trust
    ASGARD Superannuation Account Personal master trust
    MLC MasterKey Business Super Corporate master trust
    HOST-PLUS Industry fund
    Navigator Personal Retirement Plan — Superannuation Service Personal master trust
    Macquarie Super Manager Personal master trust
    Integra Retirement Plan — Superannuation Personal master trust
    SUMMIT Master Trust Personal Super Plan Personal master trust
    ING Corporate Super Corporate master trust
    MasterKey Custom Superannuation Fund Personal master trust
    ANZ Super Advantage — Personal Personal master trust
    ASGARD Employee Superannuation Account Corporate master trust
    PortfolioCare — Super Service Corporate master trust
    Colonial First State — FirstChoice Employer Super Corporate master trust
    Perpetual WealthFocus Super Plan Personal master trust

    Source: www.selectingsuper.com.au, December 2005.

    New low-cost entrants such as max Super and Virgin Superannuation also use indexing as their core approach (see Table 3 below).

    New super index funds
    Fund name Manager Management
    / MER
    (% pa)
    Entry (%) Exit (%) Switching (%) Buy/sell differential (%) Phone
    max Super (a) Barclays Global Investors Australia 1 Nil Nil Nil Max 0.25% 1300 883 629
    Virgin Superannuation (b) Macquarie Funds Management 1 Nil Nil Nil Max 0.25% 1300 855 040

    Table 3 notes

    (a) You can invest in the Living Large or Slow and Steady funds, which differ in the proportions of cash, Australian and international fixed interest, listed property, Australian and international share index funds they hold. Alternatively you can choose your own proportions of these asset classes in each of max Super’s Growth Assets or Income Assets funds.

    (b) You can choose your preferred mix of index funds, which track the performance of cash, Australian and international fixed interest (bonds), listed property and Australian and international shares.

    Source: CHOICE Money & Rights research based on Product Disclosure Statements available at January 2006.

    This article last reviewed March 2006

    07.Indexing pros and cons plus active v index funds

     

    Indexing pros and cons

    Pros:

    • Low fees
    • Track index returns (before fees) and should beat active fund managers that under-perform the index.
    • Diversification. Your risk can be spread across hundreds of shares/companies that comprise the index (on the downside you're fully exposed to that market's risk).
    • Low turnover. Because index funds buy and sell shares less frequently than actively managed funds, transaction costs are lower, cutting fees for investors. This can also mean the fund has lower tax liabilities, as capital gains aren't realised as often as with actively managed funds.

    Cons:

    • Track index returns. If the index loses value, so will your investment. If Australian shares perform poorly in the future, you could lose significant amounts of money.
    • Specific market risk. In the case of an S&P/ASX index fund, for example, you've no diversification away from Australian shares. You've full exposure to that market.
    • Underperforms the more successful active managers.
    • You'll invest in all companies in the index - even those you may not like or don't think will be profitable.
    • Less flexible in market downturn. Index managers can't shift investors' money into safer havens like cash and government bonds, or use other risk-reduction strategies active managers employ.

    Active vs index funds

    The debate about whether index (‘passive’) or active fund management is ‘better’ has gone on for many years; it’s unlikely that a consensus will ever be reached.

    Active and passive fund management have pros and cons and are both valid management styles.

    Studies and reports (often sponsored or promoted by index managers), are sometimes used by index managers to make the case for indexing by presenting data to support their argument that index funds outperform average active funds, for example. Another recent study suggests that even when active managers outperform, they’ve difficulty in maintaining this performance in subsequent years.

    However, you’d expect active managers to argue that they add value, and the best actively managed funds perform better than index funds. Over the three years to 12 December 2005, for example, the best performing Australian share funds returned around 40% pa (however, these funds are generally more specialised than standard diversified Australian share funds, using gearing or specialising in resource companies). The sector median was around 19% pa, while the index returned around 22% pa over that time.

    The problem for investors is picking an active fund that’ll outperform in the future; past performance is not a reliable indicator. Some in the industry say that getting advice from a professional is crucial in picking the right managed funds; however, the cost of this advice — whether fee or commission-based, should be factored into your calculations and decision.

    For more info on selecting a managed fund, check out out Managed funds.

    This article last reviewed March 2006

    The fees you pay for your investments can have a big impact on your returns. The table below compares the after-fee returns for various index funds, based on $10,000 invested for five years (the minimum recommended by some fund managers), with annual growth (before fees) of 8%.

    • Other things being equal, lower fees mean an ETF gives the best return (about $300 better than a competitive index fund, which in turn is around $1000 better than a fund with high entry/management fees).
    • The results will differ depending on assumed return, investment timeframe and amount, and other factors, such as brokerage you pay to invest in an ETF (we assumed $30, a reasonably competitive rate from an online broker), or the fees you negotiate with a financial planner.

     

    Effect of fees on index fund returns
    streetTracks S&P /
    ASX 200 Fund (a)
    Vanguard Index
    Australian shares (b)
    BankWest Top 200
    (c)
    Fund with higher entry/
    management fees (d)
    Entry fee ($) NA Nil Nil 400
    Stock broker fee ($) 30 NA NA NA
    Ongoing management fee (MER) ($) 173 451 586 797
    Total entry and ongoing fees ($) 203 451 586 1197
    Return after entry and management fees ($) 14,449 14,170 14,013 13,180
    Exit /stockbroker selling fee ($) 30 Nil Nil Nil
    Return after exit fee ($) 14,419 14,170 14,013 13,180

    Table notes

    Assumptions: $10,000 invested for five years, annual return before fees of 8%. For simplicity, we assume you don’t pay an adviser service fee and we don’t take account of taxes or inflation.

    (a) We assume brokerage fee $30, MER 0.286%.

    (b) No entry or exit fee, MER 0.75%.

    (c) No entry or exit fee, MER 0.98%.

    (d) Entry fee 4%, no exit fee, MER 1.4%.

    This article last reviewed March 2006