52F Very humid Tab DS Esc K Fn Index funds are mutual funds that are A. managed to track the return of some benchmark index. B. actively managed. C. passively managed. D. managed to outperform some benchmark index. An expense ratio is A. the ratio of a mutual fund's assets to its managing and/or operating costs. B. the proportion of a mutual fund's assets that must be liquidated annually to cover its managing and/or operating costs. C. an annual fee charged to investors by mutual funds to defray their managing and/or operating costs. D. an annual fee paid by mutual funds to government to maintain all licenses and certifications. Expense ratios affect the value of an investor's portfolio by O A. causing the portfolio's value to go up or down depending on the size of the expense ratio. B. increasing the annual rate of return of the portfolio. C. reducing the annual rate of return of the portfolio. D. none of the above-government rules do not allow expense ratios to affect portfolio values. JL Q A Z 2 W S X Al