News Release

Ongoing Charges for UCITS Remain Near Long-Term Lows

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Brussels, Belgium; September 10, 2026—Average ongoing charges for equity and fixed-income UCITS have declined by 26% and 30%, respectively, since 2013, according to a new report from the Investment Company Institute (ICI), Ongoing Charges for UCITS in the European Union, 2025. In 2025, the average ongoing charge for equity UCITS decreased slightly to 1.10%, while the average for fixed-income UCITS edged up by 1 basis point to 0.69%.

“UCITS are a global success story. The evolution of the UCITS market shows how investor preferences, competition, and scale can work to expand choice and put downward pressure on costs, all to the benefit of investors,” said Shelly Antoniewicz, ICI’s Chief Economist.

Figure 2: Average Ongoing Charges for UCITS Have Declined Substantially Since 2013
Ongoing Charges for UCITS Have Declined Substantially Since 2013

 

*Mixed funds invest in a combination of equity and fixed-income securities.
Note: Data exclude UCITS ETFs. 
Source: Investment Company Institute calculations of Morningstar Direct data      

Fund size is an important determinant of ongoing charges via economies of scale. Average net assets of equity UCITS rose from €473 million in 2024 to €513 million in 2025, allowing funds to capture greater scale benefits. Asset flows towards lower-cost UCITS, plus entry of lower-cost funds and exit of higher-cost funds, have also driven the long-term decline of ongoing charges.

Average net assets of fixed-income UCITS also rose, reaching €511 million in 2025, which would typically lower costs through economies of scale. Those benefits, however, were offset by inflows into generally higher-cost categories, including emerging markets bond funds and flexible bond funds.

Key Findings: 

  • Average ongoing charges for equity and fixed-income UCITS have declined significantly since 2013. In 2025, they were down 26% and 30%, respectively, from 2013.
  • The average ongoing charge for equity UCITS decreased to 1.10% in 2025, from 1.11% in 2024. The average ongoing charge for fixed-income UCITS edged up by 1 basis point from 0.68% in 2024 to 0.69% in 2025.
  • Average ongoing charges for equity and fixed-income UCITS ETFs have decreased substantially since 2013. In 2025, they were down 49% and 32%, respectively, from 2013.
  • Cross-border UCITS provide European investors with a much larger range of investment options, but such funds often incur additional marketing or registration costs. In 2025, the simple average ongoing charge for cross-border equity funds was 1.31%, compared with 1.18% for single country equity funds.
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