[Volundr]

Calling the expense ratio a tax is like calling the labor cost of your car repair a tax. The expense ratio is what the fund manager is charging to cover their labor and expenses. It's not a tax on the transaction going to the government.

[lateforwork]

No, I am saying the tax is like an additional expense ratio.

[Volundr]

Ah, that makes more sense. Sorry I was not getting there from the original comment.