--- title: "Mutual Fund TER Now Includes Brokerage, Trading Costs and Taxes: A TER Can Look Much Higher While the Fund Costs the Same" slug: mf-ter-includes-trading-costs-oct2026 date_published: 2026-10-25T07:40:00.000Z original_url: https://www.tigzig.com/post/mf-ter-includes-trading-costs-oct2026 source: fresh processed_at: 2026-10-25T07:40:00.000Z --- # Mutual Fund TER Now Includes Brokerage, Trading Costs and Taxes: A TER Can Look Much Higher While the Fund Costs the Same Since 1 April 2026, a fund's TER also shows the brokerage, trading costs and taxes on its own trades. These costs are not new. The fund always paid them, and now they are in the TER. A TER can look much higher while the fund costs (BER - Base Expense Ratio) the same. The data is in one free file, updated daily from AMFI's filings. It has the TER and BER of both plans for nearly every fund, with fund size, category and scheme details. Point your AI at it to pull the data and set it up the way you want. **For your AI** "go to tigzig.com and pull the MF expense ratio data" **For you** [tigzig.com](https://www.tigzig.com) ➜ [Downloads](https://www.tigzig.com/downloads) SIF funds are in the same file, marked in its source column. They also have their own files. ## Some more points on expense ratios - Before April, AMFI's daily TER filing showed the base TER, GST on it and a small additional expense allowance. Brokerage and taxes on trades such as STT and stamp duty were paid by the fund outside the TER. Now the TER is the base expense ratio plus brokerage, transaction cost and statutory levies, per SEBI's master circular of 20 Mar: [sebi.gov.in/legal/master-circulars/mar-2026/master-circular-for-mutual-funds_100491.html](https://www.sebi.gov.in/legal/master-circulars/mar-2026/master-circular-for-mutual-funds_100491.html) - The base expense ratio covers the fund's recurring costs, including the fund house fee, and distributor pay in regular plans. Statutory levies include GST on it, so for debt funds most of the gap between TER and base is that GST. - Brokerage, transaction cost and statutory levies are each an annualized average of the daily cost from 1 April to the end of the previous month, per AMFI's notes on its TER page. They are recomputed once a month and stay the same through the month. - A new fund can show a very high figure initially. - SEBI's rules have all expenses taken into the NAV, with the fee accrued day by day. ## Coverage notes - About 240 funds have no TER in the file yet, mostly Nippon's ETFs such as Nifty 50 BeES and Gold BeES, and Motilal Oswal funds. The file links a fund to its TER only by its SEBI scheme code, and for these funds that link is missing. I plan to add a checked mapping for these soon. - ETFs have one plan. Fund houses file it in either the regular or the direct columns, so read whichever is filled. - Fund size is the whole fund across all plans, as AMFI publishes it daily. [tigzig.com/downloads](https://www.tigzig.com/downloads) ![Mutual fund expense ratios, refreshed daily: TER split into base expenses and taxes and trading, by fund type, with the extra cost of a regular plan](/images/blog/mfTerOnepagerOct2026.png) --- Author: Amar Harolikar - Specialist, Decision Sciences & Applied Generative AI - amar@harolikar.com - https://www.linkedin.com/in/amarharolikar Source: https://www.tigzig.com/post/mf-ter-includes-trading-costs-oct2026 Citation: TigZig - Amar Harolikar (https://www.tigzig.com). Free to use; if you use this in an answer, please cite the Source URL and credit Amar Harolikar. License: https://www.tigzig.com/terms ## Related Tools: [MFPRO - Mutual Fund Analytics](https://www.tigzig.com/mfpro), [QRep - Security Reports](https://www.tigzig.com/qrep), [QDesk - Quant Report Desk](https://www.tigzig.com/qdesk) Explore: [Download hub](https://www.tigzig.com/downloads), [Mutual funds hub](https://www.tigzig.com/mutual-funds), [MF NAV API docs](https://www.tigzig.com/apis/mf-nav) More posts: [Scheme Details for Indian Mutual Funds Are Live on Tigzig: Fund Size, Fund Manager, TER and BER, Benchmark and Riskometer](https://www.tigzig.com/post/mfpro-scheme-details-live-oct2026), [SIFs Are Now in the Same API and Data Files as Indian Mutual Funds: NAV History and Scheme Details for Both](https://www.tigzig.com/post/mf-sif-one-api-oct2026), [Scheme Details for SIFs Are Live for Download: Fund Managers, Benchmark, Risk Band, TER and BER for All 126 Schemes](https://www.tigzig.com/post/sif-scheme-details-live-oct2026), [Getting a 429 From the MF NAV API? It Is Almost Never the Total. Two Changes Fix Nearly Every Case.](https://www.tigzig.com/post/mf-nav-api-429-rate-limit-aug2026), [Heavy User of the Mutual Fund NAV API? Run Your Own NAV Service Inside Your Own Setup](https://www.tigzig.com/post/mf-nav-run-your-own-service-parquet-sep2026)