2024年，共同基金的IRA投资者将资产集中在成本较低的共同基金中

≥.. to <.. to <.<.Expense rtioBond*’’’’’’..... .. ..........  Average expense ratios for IRA mutual fund investors are more closelyaligned with industrywide averages than 401(k) mutual fund averagesAsset-weighted average mutual fund expense ratio; percent, 2023Take acloser look at the data. For more information about IRAs, visit ourIndividual Retirement Account Resource Center.Data note: Mutual funds in this figure encompass diverse investment styles (e.g., active and index); a range of general investment types(such as growth and sector for equity funds, balanced and flexible portfolio for hybrid funds, and investment grade and high yield for bondfunds; and both domestic and international); and a variety of arrangements for shareholder services, recordkeeping, or distribution charges(known as 12b-1 fees). Data exclude mutual funds available as investment choices in variable annuities and tax-exempt mutual funds.This material is intended to provide general information on fees incurred by investors through funds as well as insight into average feesacross the marketplace. It is not intended for benchmarking fees and expenses incurred by a particular investor or charged by a particularfund or other investment product.Sources: Investment Company Institute, Lipper, and Morningstar(k)IRAIndustr(k)IRAIndustr(k)IRAIndustrEquitHbridBond*.........* Dt excude t x-exempt fundsTherere v rious re sons for the sm  differencesbetween industr-nd IRA-weighted ver geexpense r tios, incuding v ring investments indifferent funds withinsset c sses nd differenteves of eng gement withdvisers.Deeper Dive: A Comparison with 401(k) Mutual Fund InvestorsThe data show that401(k) investors, on average, incur lower expense ratiosin their mutual fund holdings thanIRA mutual fund investors. One reason for this is economies of scale—many employer plans aggregate the savingsof hundreds or thousands of workers and often carry large average account balances, which are more cost-effectiveto service. In addition, an employer that sponsors a 401(k) plan may defray some of the costs of running the plan,enabling the sponsor to select lower-cost funds (or fund share classes) for the plan.Another difference: IRA investors often pay for theassistance of a financial professional when investingand sometimescover the cost of this service by investing in a fund (or fund share class) that has a 12b-1 fee. This fee, which the fundcollects and passes to the financial professional assisting the IRA investor, is included in the fund’s expense ratio.401(k) plan participants have generally had more limited access to professional financial advice, so 401(k) planscommonly select funds (or fund share classes) that provide no compensation for financial professionals—which partlyexplains their somewhat lower expense ratios.