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- Look up the annual expense ratio for a fund.
- For each month in the specified performance period:
- Determine how many days are in the year.
- Determine how many days are in the month.
- Calculate a daily expense ratio (Annual Ratio / Days in Year).
- Calculate a monthly expense ratio (Daily Ratio * Days in Month).
- Calculate the monthly expense factor (Monthly Expense Ratio * Month End NAV).
Calculate the monthly expense accrual (Monthly Expense Factor * Prior Share Balance*).
Info *Prior Share Balance refers to a cumulative share balance that is generated dynamically at the run time of the report.
At each month end, the expense accrual is reinvested in more shares of the fund.
- At the end of the period, determine the final valuation and calculate the return ((Ending MV/Begin MV) - 1) * 100.
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