To determine the right term that describes a mutual fund's expenses relative to its total assets, we need to understand the definitions of the given options:
1. Load: This term refers to a fee charged to investors when they buy or sell shares in a mutual fund. It doesn't relate to the ongoing expenses of the fund.
2. Turnover: This term refers to the rate at which a mutual fund buys and sells securities. While it might influence expenses, it isn't directly connected to the expense ratio.
3. Expense: This term accurately describes the ratio that indicates the fund's expenses (management fees, administrative fees, etc.) relative to its total assets.
4. Growth: This term refers to the increase in the value of the fund due to appreciation in its investments. It does not describe the expenses of the fund relative to its assets.
Given these definitions, the correct term that describes a mutual fund's expenses relative to its total assets is "expense." Hence, the mutual fund's expense ratio is the fund's expenses relative to its total assets.
So, the answer is:
O expense
