FINRA Series 6

Answer: A - Of the selections, only 12b-1 fees and management fees are included in the expense ratio of the fund. Brokerage costs that the fund incurs when it buys and sells securities are not included (which is why a fund’s turnover ratio is important to consider.) Redemption fees are paid by the shareholder to the fund, so it would not be included in a fund’s expense ratio since it is not an expense of the fund.