[LysPJ]

Fees such as trading costs are a percentage of trading volume.

Therefore, the more money you are managing, the higher your trading costs. (i.e those costs are "fixed" but its a "fixed percentage" rather than a static number.)

[csomar]

I highly doubt trading costs are part of the 2% management fee.

[SkyMarshal]

What else would they be part of? It's an operational cost.

[kasey_junk]

In my experience they absolutely are part of the 2% fee. Why do you think they aren’t?