[dwightgunning]

That's not a tax, that's the expense ratio, which is basically describing fees captured by the fund manager. Funds accessible to Dutch investors involve similar ERs. It's not an alternative.

[lateforwork]

Yes, the tax can be thought of an extra expense ratio. Same impact on you, at the end of the day.

[krageon]

It can be thought of the same way, but not from the perspective that's under discussion. As such it doesn't really add anything except a new perspective. Why are you introducing it, what does it add?

[Volundr]

Calling the expense ratio a tax is like calling the labor cost of your car repair a tax. The expense ratio is what the fund manager is charging to cover their labor and expenses. It's not a tax on the transaction going to the government.