MPF Fees Guide: What Is the Fund Expense Ratio (FER)?
Most MPF fees are deducted from fund assets and reflected in the unit price; the standard comparison measure is the fund expense ratio (FER). As of 2026-09-30, the median published MPF FER was 1.23%, with wide variation across categories.
What fees does MPF charge?
MPF fees mainly comprise management fees (trustee, custodian, investment manager), the eMPF platform fee, fund expenses (e.g. audit, legal) and any scheme-specific charges. Most are deducted from fund assets and reflected in the unit price — members do not receive a separate bill.
The fund expense ratio (FER) is the usual comparison measure: total fund expenses for a financial year divided by average net assets. Funds less than two financial years old usually have no FER.
A mathematical example of fee differences
A purely mathematical scenario, not a forecast: if HK$1,000,000 grew 7% a year before fees and two options differed by 0.5 percentage points in annual fees, the gap would be about HK$90,014 after 10 years and HK$346,039 after 20. Fee effects compound over time.
A real example (MPFA data as of 2026-09-30): in the same scheme, ValueChoice North America Equity Tracker Fund has an FER of 0.82% and North American Equity Fund 1.32%. They differ in approach (index-tracking vs active), and fees are only one difference.
Median FER by category
| Category | n | Min | Median | Max |
|---|---|---|---|---|
| US equity | 19 | 0.82% | 1.06% | 1.73% |
| Global equity | 26 | 0.82% | 1.29% | 1.80% |
| HK index tracking | 17 | 0.58% | 0.78% | 0.99% |
| Hong Kong equity | 28 | 0.84% | 1.36% | 1.81% |
| Asia equity | 30 | 0.87% | 1.42% | 1.99% |
| Mixed assets (61–80% equity) | 29 | 0.87% | 1.34% | 1.79% |
| Core Accumulation Fund (DIS) | 28 | 0.56% | 0.78% | 0.93% |
| Global bond | 22 | 0.82% | 1.18% | 1.78% |
| MPF Conservative Fund | 29 | 0.65% | 0.89% | 1.07% |
FAQ
What is a typical MPF FER?
As of 2026-09-30, the median published FER was 1.23%.
Do low-fee funds always return more?
Not necessarily. Fees are a certain cost, but returns also depend on markets, strategy and risk. Fees are one fact among several.
What is the eMPF platform fee?
The eMPF platform fee is built into fund charges and adjusts on the MPFA schedule. See the MPFA and trustee information for current figures.