Generally, funds can charge two types of fees: a management fee (a flat annual percentage of your invested assets) and a performance fee (a percentage of the profits the fund generates). The shorthand you'll see — like 2/20 — is just management fee / performance fee. So 2/20 means a 2% annual management fee plus 20% of profits, 1/15 means 1% and 15%, and 0/0 means neither. Some funds layer on an upfront sales charge too, often shown as a third number (for example, 5/0/0 is a 5% upfront load with no ongoing management or performance fee).
Compare structures like 5/0/0, 1/15, and 2/20 side by side to see how each could affect what you may take home. Fees don't just reduce returns — they can also change how much of the upside you keep, particularly in scenarios where an investment performs strongly. Plug in a few numbers, compare scenarios, and see the trade-offs for yourself.

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