How are fees paid?​

ETF fees, often called the expense ratio, are paid by the fund itself. That means, investors don’t get a bill or write a check. Instead, the fund’s net asset value (NAV) reflects those fees on a daily basis. The fee percentage is divided across the year and deducted each day from the fund’s value. Therefore, investors see slightly lower returns than the total gross return of the ETF because the fee is built in. Investors can find the exact expense ratio in the ETF’s prospectus or on ARK’s website.