(TER) Total Expenses Ratio. Ratio that relates the closing costs borne by an investment fund in a period with the figure of assets means. The closing costs include the management fees and pledgee, the foreign services and other operating costs. This detail, expressed in percentage, is important for the investor because allows know the level of expenses that bears an investment fund and compare it with other funds similar. Publishes in an annex of the brochure simplified and in the scheduled reports that send to members and participants.