From 81d4300c389135157681b2bb7d6658d58bffe7ba Mon Sep 17 00:00:00 2001
From: Joel Tony <github@jaytau.com>
Date: Wed, 2 Apr 2025 21:40:55 -0600
Subject: [PATCH 01/16] Fix typo in contributors index markdown

---
 contributors/index.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/contributors/index.md b/contributors/index.md
index 62a714e..a64f911 100644
--- a/contributors/index.md
+++ b/contributors/index.md
@@ -99,7 +99,7 @@ We've made a small video that you can watch, to get a glimpse on how you can cre
 
 You'll have to know how to use:
 
-* Markdown markdown is probably the most widespread markup language used for writing documentation on the Internet and it's [easy to learn](https://commonmark.org/help/)
+* Markdown is probably the most widespread markup language used for writing documentation on the Internet and it's [easy to learn](https://commonmark.org/help/)
 * Git & GitHub you don't need to be proficient at using Git and GitHub, but it's appreciated if you know how to use them and do basic things like forking repositories and raising pull requests
 
 Once you've gone through the above, you'd be ready to help other contributors, especially beginners, _shipping_ their contributions [🎉](https://emojipedia.org/party-popper/)[🥳](https://emojipedia.org/partying-face/)

From fafac2b3e8878a40438d00076ce3ba7d5d233aa6 Mon Sep 17 00:00:00 2001
From: Joel Tony <github@jaytau.com>
Date: Wed, 2 Apr 2025 22:29:08 -0600
Subject: [PATCH 02/16] fix: Escaping `$` in USD

---
 ...ndia-not-as-cheap-as-vanguards-index-funds-and-etfs.md | 8 ++++----
 1 file changed, 4 insertions(+), 4 deletions(-)

diff --git a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
index 6f2f427..983753b 100644
--- a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
+++ b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
@@ -15,9 +15,9 @@ The difference between regular plans and direct plans of mutual funds is explain
 [direct-vs-regular.md](direct-vs-regular.md)
 {% endcontent-ref %}
 
-Vanguard's S\&P 500 ETF shares class (VOO) has a TER of $$0.03\%$$ and an AUM of about $$$221$$ billion. This means that it earns about$$$66$$million every year from the ETF shares class. When we combine the AUM from all share classes of Vanguard's S&P 500 fund, the total AUM becomes $$$731.3$$ billion. For reference, the total AUM of the entire Indian mutual fund industry is \$$$431\$$ billion.
+Vanguard's S\&P 500 ETF shares class (VOO) has a TER of $$0.03\%$$ and an AUM of about $$\$221$$ billion. This means that it earns about $$\$66$$ million every year from the ETF shares class. When we combine the AUM from all share classes of Vanguard's S&P 500 fund, the total AUM becomes $$\$731.3$$ billion. For reference, the total AUM of the entire Indian mutual fund industry is $$\$431$$ billion.
 
-In contrast, Kotak Flexicap Fund, one of the largest equity funds in India, has an AUM of $$₹34,115$$ crores and a TER of $$0.64\%$$ which means that the AMC gets about $$₹218$$ crores every year. In terms of dollars, that's \$$$29\$$ million.
+In contrast, Kotak Flexicap Fund, one of the largest equity funds in India, has an AUM of $$₹34,115$$ crores and a TER of $$0.64\%$$ which means that the AMC gets about $$₹218$$ crores every year. In terms of dollars, that's $$\$29$$ million.
 
 ### UTI Nifty Index Fund
 
@@ -61,9 +61,9 @@ The Vanguard S\&P 500 Fund is actually a class of several different funds all co
 | Vanguard 500 Index Fund Admiral Shares (VFIAX)  | $$0.04\%$$ | \$$$399.6\$$ billion    |
 | Vanguard 500 Index Institutional Select (VFFSX) | $$0.01\%$$ | \$$$106.7\$$ billion    |
 
-Each share class has different minimum investment amount requirements and other minor differences. Combined, these share classes have an AUM of $$$731$$ billion. Using the TER and AUM mentioned in the table above, we can come up with an approximate figure of earnings of$$$240\$$ million in the year 2020. The actual amount is probably somewhat lesser since we haven't considered average AUM in this case.
+Each share class has different minimum investment amount requirements and other minor differences. Combined, these share classes have an AUM of $$\$731$$ billion. Using the TER and AUM mentioned in the table above, we can come up with an approximate figure of earnings of$$$240\$$ million in the year 2020. The actual amount is probably somewhat lesser since we haven't considered average AUM in this case.
 
-The total expenses of Vanguard S\&P 500 fund across all of its share classes was $$$184$$ million. This means that Vanguard earned only about$$$50\$$ million in profit.
+The total expenses of Vanguard S\&P 500 fund across all of its share classes was $$\$184$$ million. This means that Vanguard earned only about $$\$50$$ million in profit.
 
 It should be kept in mind that Vanguard itself is structured differently than most AMCs and the company is owned by the investors in its funds. It was founded by the father of index investing, Jack Bogle, who was a proponent of low cost index investing. It would be fair to say that we haven't had any AMCs similar to Vanguard or influential index investing pioneers in India yet.
 

From 74364435459fb97e41b53ac3712ab4c308a97cbc Mon Sep 17 00:00:00 2001
From: Joel Tony <github@jaytau.com>
Date: Wed, 2 Apr 2025 22:38:15 -0600
Subject: [PATCH 03/16] fmt: Correct escaping of dollar signs in index funds
 comparison table

---
 ...ndia-not-as-cheap-as-vanguards-index-funds-and-etfs.md | 8 ++++----
 1 file changed, 4 insertions(+), 4 deletions(-)

diff --git a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
index 983753b..0a370b4 100644
--- a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
+++ b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
@@ -56,10 +56,10 @@ The Vanguard S\&P 500 Fund is actually a class of several different funds all co
 |                                                 |            |                         |
 | ----------------------------------------------- | ---------- | ----------------------- |
 | **Vanguard S\&P 500 Share Classes**             | **TER**    | **AUM (as on FY 2020)** |
-| Vanguard 500 Index Fund Investor Shares (VFINX) | $$0.14\%$$ | \$$$4.6\$$ billion      |
-| Vanguard S\&P 500 ETF (VOO)                     | $$0.03\%$$ | \$$$220.6\$$ billion    |
-| Vanguard 500 Index Fund Admiral Shares (VFIAX)  | $$0.04\%$$ | \$$$399.6\$$ billion    |
-| Vanguard 500 Index Institutional Select (VFFSX) | $$0.01\%$$ | \$$$106.7\$$ billion    |
+| Vanguard 500 Index Fund Investor Shares (VFINX) | $$0.14\%$$ | $$\$4.6$$ billion      |
+| Vanguard S\&P 500 ETF (VOO)                     | $$0.03\%$$ | $$\$220.6$$ billion    |
+| Vanguard 500 Index Fund Admiral Shares (VFIAX)  | $$0.04\%$$ | $$\$399.6$$ billion    |
+| Vanguard 500 Index Institutional Select (VFFSX) | $$0.01\%$$ | $$\$106.7$$ billion    |
 
 Each share class has different minimum investment amount requirements and other minor differences. Combined, these share classes have an AUM of $$\$731$$ billion. Using the TER and AUM mentioned in the table above, we can come up with an approximate figure of earnings of$$$240\$$ million in the year 2020. The actual amount is probably somewhat lesser since we haven't considered average AUM in this case.
 

From 198d6e20ef0c92adfc709d1e23f30d228ed4bc04 Mon Sep 17 00:00:00 2001
From: Joel Tony <github@jaytau.com>
Date: Wed, 2 Apr 2025 22:50:38 -0600
Subject: [PATCH 04/16] fmt: Vanguard S&P 500 table

---
 ...ndia-not-as-cheap-as-vanguards-index-funds-and-etfs.md | 8 ++++----
 1 file changed, 4 insertions(+), 4 deletions(-)

diff --git a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
index 0a370b4..ff98f43 100644
--- a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
+++ b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
@@ -56,10 +56,10 @@ The Vanguard S\&P 500 Fund is actually a class of several different funds all co
 |                                                 |            |                         |
 | ----------------------------------------------- | ---------- | ----------------------- |
 | **Vanguard S\&P 500 Share Classes**             | **TER**    | **AUM (as on FY 2020)** |
-| Vanguard 500 Index Fund Investor Shares (VFINX) | $$0.14\%$$ | $$\$4.6$$ billion      |
-| Vanguard S\&P 500 ETF (VOO)                     | $$0.03\%$$ | $$\$220.6$$ billion    |
-| Vanguard 500 Index Fund Admiral Shares (VFIAX)  | $$0.04\%$$ | $$\$399.6$$ billion    |
-| Vanguard 500 Index Institutional Select (VFFSX) | $$0.01\%$$ | $$\$106.7$$ billion    |
+| Vanguard 500 Index Fund Investor Shares (VFINX) | $$0.14\%$$ | $$\$4.6$$ billion       |
+| Vanguard S\&P 500 ETF (VOO)                     | $$0.03\%$$ | $$\$220.6$$ billion     |
+| Vanguard 500 Index Fund Admiral Shares (VFIAX)  | $$0.04\%$$ | $$\$399.6$$ billion     |
+| Vanguard 500 Index Institutional Select (VFFSX) | $$0.01\%$$ | $$\$106.7$$ billion     |
 
 Each share class has different minimum investment amount requirements and other minor differences. Combined, these share classes have an AUM of $$\$731$$ billion. Using the TER and AUM mentioned in the table above, we can come up with an approximate figure of earnings of$$$240\$$ million in the year 2020. The actual amount is probably somewhat lesser since we haven't considered average AUM in this case.
 

From 041f9a793a8ae80b4211de305ba600bc57980121 Mon Sep 17 00:00:00 2001
From: Joel Tony <github@jaytau.com>
Date: Wed, 2 Apr 2025 22:59:41 -0600
Subject: [PATCH 05/16] fmt: Correctly format tickers

---
 ...a-not-as-cheap-as-vanguards-index-funds-and-etfs.md | 10 +++++-----
 1 file changed, 5 insertions(+), 5 deletions(-)

diff --git a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
index ff98f43..3818994 100644
--- a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
+++ b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
@@ -15,7 +15,7 @@ The difference between regular plans and direct plans of mutual funds is explain
 [direct-vs-regular.md](direct-vs-regular.md)
 {% endcontent-ref %}
 
-Vanguard's S\&P 500 ETF shares class (VOO) has a TER of $$0.03\%$$ and an AUM of about $$\$221$$ billion. This means that it earns about $$\$66$$ million every year from the ETF shares class. When we combine the AUM from all share classes of Vanguard's S&P 500 fund, the total AUM becomes $$\$731.3$$ billion. For reference, the total AUM of the entire Indian mutual fund industry is $$\$431$$ billion.
+Vanguard's S\&P 500 ETF shares class (`VOO`) has a TER of $$0.03\%$$ and an AUM of about $$\$221$$ billion. This means that it earns about $$\$66$$ million every year from the ETF shares class. When we combine the AUM from all share classes of Vanguard's S&P 500 fund, the total AUM becomes $$\$731.3$$ billion. For reference, the total AUM of the entire Indian mutual fund industry is $$\$431$$ billion.
 
 In contrast, Kotak Flexicap Fund, one of the largest equity funds in India, has an AUM of $$₹34,115$$ crores and a TER of $$0.64\%$$ which means that the AMC gets about $$₹218$$ crores every year. In terms of dollars, that's $$\$29$$ million.
 
@@ -56,10 +56,10 @@ The Vanguard S\&P 500 Fund is actually a class of several different funds all co
 |                                                 |            |                         |
 | ----------------------------------------------- | ---------- | ----------------------- |
 | **Vanguard S\&P 500 Share Classes**             | **TER**    | **AUM (as on FY 2020)** |
-| Vanguard 500 Index Fund Investor Shares (VFINX) | $$0.14\%$$ | $$\$4.6$$ billion       |
-| Vanguard S\&P 500 ETF (VOO)                     | $$0.03\%$$ | $$\$220.6$$ billion     |
-| Vanguard 500 Index Fund Admiral Shares (VFIAX)  | $$0.04\%$$ | $$\$399.6$$ billion     |
-| Vanguard 500 Index Institutional Select (VFFSX) | $$0.01\%$$ | $$\$106.7$$ billion     |
+| Vanguard 500 Index Fund Investor Shares (`VFINX`) | $$0.14\%$$ | $$\$4.6$$ billion       |
+| Vanguard S\&P 500 ETF (`VOO`)                     | $$0.03\%$$ | $$\$220.6$$ billion     |
+| Vanguard 500 Index Fund Admiral Shares (`VFIAX`)  | $$0.04\%$$ | $$\$399.6$$ billion     |
+| Vanguard 500 Index Institutional Select (`VFFSX`) | $$0.01\%$$ | $$\$106.7$$ billion     |
 
 Each share class has different minimum investment amount requirements and other minor differences. Combined, these share classes have an AUM of $$\$731$$ billion. Using the TER and AUM mentioned in the table above, we can come up with an approximate figure of earnings of$$$240\$$ million in the year 2020. The actual amount is probably somewhat lesser since we haven't considered average AUM in this case.
 

From 766a65812767298fafbfb9fb5af9ef998f21fcd2 Mon Sep 17 00:00:00 2001
From: Joel Tony <github@jaytau.com>
Date: Wed, 2 Apr 2025 23:00:07 -0600
Subject: [PATCH 06/16] feat: Clarify reference to Motilal Oswal S&P 500 Index
 Fund in FAQ

---
 ...s-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
index 3818994..81c8cc5 100644
--- a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
+++ b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
@@ -45,7 +45,7 @@ People might argue that UTI could've reduced their expenses by not spending as m
 
 ### Motilal Oswal S\&P 500 Index Fund
 
-The total AUM of Motilal Oswal S\&P 500 index fund as on 31st March 2021 was $$₹1,088.31$$ crores and its expense ratio has been $$0.49\%$$ since its launch on 28th April 2020. Assuming an average AUM of $$₹504$$ crores, MO would've been able to earn approximately $$₹2.4$$ crores from its S\&P 500 index fund.
+The total AUM of Motilal Oswal (MO) S\&P 500 index fund as on 31st March 2021 was $$₹1,088.31$$ crores and its expense ratio has been $$0.49\%$$ since its launch on 28th April 2020. Assuming an average AUM of $$₹504$$ crores, MO would've been able to earn approximately $$₹2.4$$ crores from its S\&P 500 index fund.
 
 Unfortunately, the scheme financial documents of MO's S\&P 500 fund aren't available yet. It should hopefully be published in the next few months so we can know more about the expense details of MO's S\&P 500 index fund.
 

From 43ffeccf3720f008bfdc7ac4af10b4cbae6b51b0 Mon Sep 17 00:00:00 2001
From: Joel Tony <github@jaytau.com>
Date: Wed, 2 Apr 2025 23:01:30 -0600
Subject: [PATCH 07/16] fmt: Formatting of inline math in index funds FAQ

Add spaces to make it easier to read the raw markdown, without affecting Gitbook
---
 ...cheap-as-vanguards-index-funds-and-etfs.md | 48 +++++++++----------
 1 file changed, 24 insertions(+), 24 deletions(-)

diff --git a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
index 81c8cc5..7fe0f69 100644
--- a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
+++ b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
@@ -7,7 +7,7 @@ description: >-
 
 # Why are Index Funds in India not as cheap as Vanguard's Index Funds and ETFs?
 
-Before we begin, Total Expense Ratio (TER) is the amount that investors pay to AMCs for the operative and administrative expenses of managing a mutual fund. If a mutual fund has total assets under management (AUM) of $$₹10,000$$ crores and an expense ratio of $$1\%$$, it charges $$₹100$$ crores as expenses in an year.
+Before we begin, Total Expense Ratio (TER) is the amount that investors pay to AMCs for the operative and administrative expenses of managing a mutual fund. If a mutual fund has total assets under management (AUM) of $$ ₹10,000$$ crores and an expense ratio of $$ 1\%$$, it charges $$ ₹100$$ crores as expenses in an year.
 
 The difference between regular plans and direct plans of mutual funds is explained in the article linked below. In short, regular plans have an additional cost of distributor commission. This doesn't go to the AMC.
 
@@ -15,37 +15,37 @@ The difference between regular plans and direct plans of mutual funds is explain
 [direct-vs-regular.md](direct-vs-regular.md)
 {% endcontent-ref %}
 
-Vanguard's S\&P 500 ETF shares class (`VOO`) has a TER of $$0.03\%$$ and an AUM of about $$\$221$$ billion. This means that it earns about $$\$66$$ million every year from the ETF shares class. When we combine the AUM from all share classes of Vanguard's S&P 500 fund, the total AUM becomes $$\$731.3$$ billion. For reference, the total AUM of the entire Indian mutual fund industry is $$\$431$$ billion.
+Vanguard's S\&P 500 ETF shares class (`VOO`) has a TER of $$ 0.03\%$$ and an AUM of about $$ \$221$$ billion. This means that it earns about $$ \$66$$ million every year from the ETF shares class. When we combine the AUM from all share classes of Vanguard's S&P 500 fund, the total AUM becomes $$ \$731.3$$ billion. For reference, the total AUM of the entire Indian mutual fund industry is $$ \$431$$ billion.
 
-In contrast, Kotak Flexicap Fund, one of the largest equity funds in India, has an AUM of $$₹34,115$$ crores and a TER of $$0.64\%$$ which means that the AMC gets about $$₹218$$ crores every year. In terms of dollars, that's $$\$29$$ million.
+In contrast, Kotak Flexicap Fund, one of the largest equity funds in India, has an AUM of $$ ₹34,115$$ crores and a TER of $$ 0.64\%$$ which means that the AMC gets about $$ ₹218$$ crores every year. In terms of dollars, that's $$ \$29$$ million.
 
 ### UTI Nifty Index Fund
 
-The total AUM of UTI Nifty index fund was $$₹1,324.24$$ crores at the start of the FY20 and was $$₹1,772.13$$ crores at the end of FY20. Its expense ratio throughout the year was $$0.1\%$$. If we consider the average AUM throughout the year as $$₹1,548$$ crores, a TER of $$0.1\%$$ would've given UTI approximately $$₹1.5$$ crores as earnings from UTI Nifty index fund in the FY20.
+The total AUM of UTI Nifty index fund was $$ ₹1,324.24$$ crores at the start of the FY20 and was $$ ₹1,772.13$$ crores at the end of FY20. Its expense ratio throughout the year was $$ 0.1\%$$. If we consider the average AUM throughout the year as $$ ₹1,548$$ crores, a TER of $$ 0.1\%$$ would've given UTI approximately $$ ₹1.5$$ crores as earnings from UTI Nifty index fund in the FY20.
 
 The list of expenses borne by UTI Nifty index fund in FY20 are as follows
 
 |                                   |                |
 | --------------------------------- | -------------- |
 | **Expenses**                      | **₹ in lakhs** |
-| Management Fees                   | $$0.91$$       |
-| GST on Management Fees            | $$0.16$$       |
-| Trusteeship Fees                  | $$0.76$$       |
-| Marketing & Distribution Expenses | $$17.12$$      |
-| Custodian Fees                    | $$9.55$$       |
-| Registrar Fees                    | $$18.82$$      |
-| Investor Education Expenses       | $$32.25$$      |
-| Audit Fees                        | $$0.63$$       |
-| Other Operating Expenses          | $$87.83$$      |
-| **TOTAL EXPENSES**                | $$₹ 168.03$$   |
-
-The total expenses borne by UTI for its UTI Nifty index fund in FY20 were $$₹1.68$$ crores. Even if our TER calculation was an approximation, we still don't expect UTI would've made any significant profit from this fund and let's not forget, this is not charity or a non-profit venture by UTI. Since UTI kept the same $$0.1\%$$ expense ratio for UTI Nifty index fund in the FY21, it would've probably suffered losses in FY21 as well. We'll know more once the annual report of scheme financials is published by UTI.
+| Management Fees                   | $$ 0.91$$       |
+| GST on Management Fees            | $$ 0.16$$       |
+| Trusteeship Fees                  | $$ 0.76$$       |
+| Marketing & Distribution Expenses | $$ 17.12$$      |
+| Custodian Fees                    | $$ 9.55$$       |
+| Registrar Fees                    | $$ 18.82$$      |
+| Investor Education Expenses       | $$ 32.25$$      |
+| Audit Fees                        | $$ 0.63$$       |
+| Other Operating Expenses          | $$ 87.83$$      |
+| **TOTAL EXPENSES**                | $$ ₹ 168.03$$   |
+
+The total expenses borne by UTI for its UTI Nifty index fund in FY20 were $$ ₹1.68$$ crores. Even if our TER calculation was an approximation, we still don't expect UTI would've made any significant profit from this fund and let's not forget, this is not charity or a non-profit venture by UTI. Since UTI kept the same $$ 0.1\%$$ expense ratio for UTI Nifty index fund in the FY21, it would've probably suffered losses in FY21 as well. We'll know more once the annual report of scheme financials is published by UTI.
 
 People might argue that UTI could've reduced their expenses by not spending as much on Marketing & Distribution or Investor Education but considering they don't have enough AUM or TER to make any profits whatsoever, would cutting back on Marketing expenses help UTI at this point? The longer the fund has meager AUM, the longer UTI would suffer losses here. We should also consider that UTI Nifty index fund was launched back in March 2000, more than 20 years ago. I'm not sure if UTI has made any profits on this fund whatsoever and yet we hear people complaining about the TER of this fund being high.
 
 ### Motilal Oswal S\&P 500 Index Fund
 
-The total AUM of Motilal Oswal (MO) S\&P 500 index fund as on 31st March 2021 was $$₹1,088.31$$ crores and its expense ratio has been $$0.49\%$$ since its launch on 28th April 2020. Assuming an average AUM of $$₹504$$ crores, MO would've been able to earn approximately $$₹2.4$$ crores from its S\&P 500 index fund.
+The total AUM of Motilal Oswal (MO) S\&P 500 index fund as on 31st March 2021 was $$ ₹1,088.31$$ crores and its expense ratio has been $$ 0.49\%$$ since its launch on 28th April 2020. Assuming an average AUM of $$ ₹504$$ crores, MO would've been able to earn approximately $$ ₹2.4$$ crores from its S\&P 500 index fund.
 
 Unfortunately, the scheme financial documents of MO's S\&P 500 fund aren't available yet. It should hopefully be published in the next few months so we can know more about the expense details of MO's S\&P 500 index fund.
 
@@ -56,20 +56,20 @@ The Vanguard S\&P 500 Fund is actually a class of several different funds all co
 |                                                 |            |                         |
 | ----------------------------------------------- | ---------- | ----------------------- |
 | **Vanguard S\&P 500 Share Classes**             | **TER**    | **AUM (as on FY 2020)** |
-| Vanguard 500 Index Fund Investor Shares (`VFINX`) | $$0.14\%$$ | $$\$4.6$$ billion       |
-| Vanguard S\&P 500 ETF (`VOO`)                     | $$0.03\%$$ | $$\$220.6$$ billion     |
-| Vanguard 500 Index Fund Admiral Shares (`VFIAX`)  | $$0.04\%$$ | $$\$399.6$$ billion     |
-| Vanguard 500 Index Institutional Select (`VFFSX`) | $$0.01\%$$ | $$\$106.7$$ billion     |
+| Vanguard 500 Index Fund Investor Shares (`VFINX`) | $$ 0.14\%$$ | $$ \$4.6$$ billion       |
+| Vanguard S\&P 500 ETF (`VOO`)                     | $$ 0.03\%$$ | $$ \$220.6$$ billion     |
+| Vanguard 500 Index Fund Admiral Shares (`VFIAX`)  | $$ 0.04\%$$ | $$ \$399.6$$ billion     |
+| Vanguard 500 Index Institutional Select (`VFFSX`) | $$ 0.01\%$$ | $$ \$106.7$$ billion     |
 
-Each share class has different minimum investment amount requirements and other minor differences. Combined, these share classes have an AUM of $$\$731$$ billion. Using the TER and AUM mentioned in the table above, we can come up with an approximate figure of earnings of$$$240\$$ million in the year 2020. The actual amount is probably somewhat lesser since we haven't considered average AUM in this case.
+Each share class has different minimum investment amount requirements and other minor differences. Combined, these share classes have an AUM of $$ \$731$$ billion. Using the TER and AUM mentioned in the table above, we can come up with an approximate figure of earnings of$$$240\$$ million in the year 2020. The actual amount is probably somewhat lesser since we haven't considered average AUM in this case.
 
-The total expenses of Vanguard S\&P 500 fund across all of its share classes was $$\$184$$ million. This means that Vanguard earned only about $$\$50$$ million in profit.
+The total expenses of Vanguard S\&P 500 fund across all of its share classes was $$ \$184$$ million. This means that Vanguard earned only about $$ \$50$$ million in profit.
 
 It should be kept in mind that Vanguard itself is structured differently than most AMCs and the company is owned by the investors in its funds. It was founded by the father of index investing, Jack Bogle, who was a proponent of low cost index investing. It would be fair to say that we haven't had any AMCs similar to Vanguard or influential index investing pioneers in India yet.
 
 ### Summary
 
-We don't think it makes sense to compare the TER of Indian index funds to that of Vanguard's index funds and ETFs. The difference in scale is just too great. The index investing scene in India is at a nascent stage, to say the least, if we compare it with giants like Vanguard. We've seen that a 20 year old domestic index fund like UTI Nifty Index suffered losses in FY20. Considering an international index fund like MO's S\&P 500 probably has to face additional expenses, $$0.49\%$$ may not be unreasonable. Of course, we'll know more once we have the annual report of MO's funds for FY21.
+We don't think it makes sense to compare the TER of Indian index funds to that of Vanguard's index funds and ETFs. The difference in scale is just too great. The index investing scene in India is at a nascent stage, to say the least, if we compare it with giants like Vanguard. We've seen that a 20 year old domestic index fund like UTI Nifty Index suffered losses in FY20. Considering an international index fund like MO's S\&P 500 probably has to face additional expenses, $$ 0.49\%$$ may not be unreasonable. Of course, we'll know more once we have the annual report of MO's funds for FY21.
 
 [https://utimf.com/forms-and-downloads/](https://utimf.com/forms-and-downloads/)
 

From d0cb831a4fd194cc57c8a83a0a0e11169cad49f2 Mon Sep 17 00:00:00 2001
From: Joel Tony <github@jaytau.com>
Date: Wed, 2 Apr 2025 23:03:41 -0600
Subject: [PATCH 08/16] fix: Clarify terminology by replacing "AMCs" with
 "Asset Management Companies" in index funds FAQ

---
 ...s-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
index 7fe0f69..aab2a2a 100644
--- a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
+++ b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
@@ -7,7 +7,7 @@ description: >-
 
 # Why are Index Funds in India not as cheap as Vanguard's Index Funds and ETFs?
 
-Before we begin, Total Expense Ratio (TER) is the amount that investors pay to AMCs for the operative and administrative expenses of managing a mutual fund. If a mutual fund has total assets under management (AUM) of $$ ₹10,000$$ crores and an expense ratio of $$ 1\%$$, it charges $$ ₹100$$ crores as expenses in an year.
+Before we begin, Total Expense Ratio (TER) is the amount that investors pay to Asset Management Companies (AMCs) for the operative and administrative expenses of managing a mutual fund. If a mutual fund has total assets under management (AUM) of $$ ₹10,000$$ crores and an expense ratio of $$ 1\%$$, it charges $$ ₹100$$ crores as expenses in an year.
 
 The difference between regular plans and direct plans of mutual funds is explained in the article linked below. In short, regular plans have an additional cost of distributor commission. This doesn't go to the AMC.
 

From e48ff74abd090662055ca43f7428bffc7c3fb63f Mon Sep 17 00:00:00 2001
From: Joel Tony <github@jaytau.com>
Date: Wed, 2 Apr 2025 23:03:49 -0600
Subject: [PATCH 09/16] fix: Capitalize "Assets Under Management" for
 consistency in index funds FAQ

---
 ...s-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
index aab2a2a..f6d4f25 100644
--- a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
+++ b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
@@ -7,7 +7,7 @@ description: >-
 
 # Why are Index Funds in India not as cheap as Vanguard's Index Funds and ETFs?
 
-Before we begin, Total Expense Ratio (TER) is the amount that investors pay to Asset Management Companies (AMCs) for the operative and administrative expenses of managing a mutual fund. If a mutual fund has total assets under management (AUM) of $$ ₹10,000$$ crores and an expense ratio of $$ 1\%$$, it charges $$ ₹100$$ crores as expenses in an year.
+Before we begin, Total Expense Ratio (TER) is the amount that investors pay to Asset Management Companies (AMCs) for the operative and administrative expenses of managing a mutual fund. If a mutual fund has total Assets Under Management (AUM) of $$ ₹10,000$$ crores and an expense ratio of $$ 1\%$$, it charges $$ ₹100$$ crores as expenses in an year.
 
 The difference between regular plans and direct plans of mutual funds is explained in the article linked below. In short, regular plans have an additional cost of distributor commission. This doesn't go to the AMC.
 

From 7c3f8abe280c6270559afdefec48c4f6c0619db0 Mon Sep 17 00:00:00 2001
From: Joel Tony <github@jaytau.com>
Date: Wed, 2 Apr 2025 23:04:24 -0600
Subject: [PATCH 10/16] fix: Replace "ETF" with "Exchange-Traded Fund" for
 clarity in index funds FAQ

---
 ...s-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
index f6d4f25..65ce84f 100644
--- a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
+++ b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
@@ -15,7 +15,7 @@ The difference between regular plans and direct plans of mutual funds is explain
 [direct-vs-regular.md](direct-vs-regular.md)
 {% endcontent-ref %}
 
-Vanguard's S\&P 500 ETF shares class (`VOO`) has a TER of $$ 0.03\%$$ and an AUM of about $$ \$221$$ billion. This means that it earns about $$ \$66$$ million every year from the ETF shares class. When we combine the AUM from all share classes of Vanguard's S&P 500 fund, the total AUM becomes $$ \$731.3$$ billion. For reference, the total AUM of the entire Indian mutual fund industry is $$ \$431$$ billion.
+Vanguard's S\&P 500 Exchange-Traded Fund (ETF) shares class (`VOO`) has a TER of $$ 0.03\%$$ and an AUM of about $$ \$221$$ billion. This means that it earns about $$ \$66$$ million every year from the ETF shares class. When we combine the AUM from all share classes of Vanguard's S&P 500 fund, the total AUM becomes $$ \$731.3$$ billion. For reference, the total AUM of the entire Indian mutual fund industry is $$ \$431$$ billion.
 
 In contrast, Kotak Flexicap Fund, one of the largest equity funds in India, has an AUM of $$ ₹34,115$$ crores and a TER of $$ 0.64\%$$ which means that the AMC gets about $$ ₹218$$ crores every year. In terms of dollars, that's $$ \$29$$ million.
 

From 25071105665f388ed3a767f1922d5737f5e4956b Mon Sep 17 00:00:00 2001
From: Joel Tony <github@jaytau.com>
Date: Wed, 2 Apr 2025 23:06:13 -0600
Subject: [PATCH 11/16] fix: Adjust table formatting for clarity in index funds
 FAQ

---
 ...-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md | 6 +++---
 1 file changed, 3 insertions(+), 3 deletions(-)

diff --git a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
index 65ce84f..b5eca8e 100644
--- a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
+++ b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
@@ -53,9 +53,9 @@ Unfortunately, the scheme financial documents of MO's S\&P 500 fund aren't avail
 
 The Vanguard S\&P 500 Fund is actually a class of several different funds all collectively known as Vanguard S\&P 500 Fund. The different classes are
 
-|                                                 |            |                         |
-| ----------------------------------------------- | ---------- | ----------------------- |
-| **Vanguard S\&P 500 Share Classes**             | **TER**    | **AUM (as on FY 2020)** |
+|                                                   |            |                           |
+| ------------------------------------------------- | ---------- | ------------------------- |
+| **Vanguard S\&P 500 Share Classes**               | **TER**    | **AUM (as on FY 2020)**   |
 | Vanguard 500 Index Fund Investor Shares (`VFINX`) | $$ 0.14\%$$ | $$ \$4.6$$ billion       |
 | Vanguard S\&P 500 ETF (`VOO`)                     | $$ 0.03\%$$ | $$ \$220.6$$ billion     |
 | Vanguard 500 Index Fund Admiral Shares (`VFIAX`)  | $$ 0.04\%$$ | $$ \$399.6$$ billion     |

From 99bbcbda99376b376588d8ad78def5f62d648494 Mon Sep 17 00:00:00 2001
From: Joel Tony <github@jaytau.com>
Date: Wed, 2 Apr 2025 23:10:54 -0600
Subject: [PATCH 12/16] Revert "fmt: Formatting of inline math in index funds
 FAQ"

This reverts commit 43ffeccf3720f008bfdc7ac4af10b4cbae6b51b0.
---
 ...cheap-as-vanguards-index-funds-and-etfs.md | 54 +++++++++----------
 1 file changed, 27 insertions(+), 27 deletions(-)

diff --git a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
index b5eca8e..6a80d50 100644
--- a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
+++ b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
@@ -7,7 +7,7 @@ description: >-
 
 # Why are Index Funds in India not as cheap as Vanguard's Index Funds and ETFs?
 
-Before we begin, Total Expense Ratio (TER) is the amount that investors pay to Asset Management Companies (AMCs) for the operative and administrative expenses of managing a mutual fund. If a mutual fund has total Assets Under Management (AUM) of $$ ₹10,000$$ crores and an expense ratio of $$ 1\%$$, it charges $$ ₹100$$ crores as expenses in an year.
+Before we begin, Total Expense Ratio (TER) is the amount that investors pay to Asset Management Companies (AMCs) for the operative and administrative expenses of managing a mutual fund. If a mutual fund has total Assets Under Management (AUM) of $$₹10,000$$ crores and an expense ratio of $$1\%$$, it charges $$₹100$$ crores as expenses in an year.
 
 The difference between regular plans and direct plans of mutual funds is explained in the article linked below. In short, regular plans have an additional cost of distributor commission. This doesn't go to the AMC.
 
@@ -15,37 +15,37 @@ The difference between regular plans and direct plans of mutual funds is explain
 [direct-vs-regular.md](direct-vs-regular.md)
 {% endcontent-ref %}
 
-Vanguard's S\&P 500 Exchange-Traded Fund (ETF) shares class (`VOO`) has a TER of $$ 0.03\%$$ and an AUM of about $$ \$221$$ billion. This means that it earns about $$ \$66$$ million every year from the ETF shares class. When we combine the AUM from all share classes of Vanguard's S&P 500 fund, the total AUM becomes $$ \$731.3$$ billion. For reference, the total AUM of the entire Indian mutual fund industry is $$ \$431$$ billion.
+Vanguard's S\&P 500 Exchange-Traded Fund (ETF) shares class (`VOO`) has a TER of $$0.03\%$$ and an AUM of about $$\$221$$ billion. This means that it earns about $$\$66$$ million every year from the ETF shares class. When we combine the AUM from all share classes of Vanguard's S&P 500 fund, the total AUM becomes $$\$731.3$$ billion. For reference, the total AUM of the entire Indian mutual fund industry is $$\$431$$ billion.
 
-In contrast, Kotak Flexicap Fund, one of the largest equity funds in India, has an AUM of $$ ₹34,115$$ crores and a TER of $$ 0.64\%$$ which means that the AMC gets about $$ ₹218$$ crores every year. In terms of dollars, that's $$ \$29$$ million.
+In contrast, Kotak Flexicap Fund, one of the largest equity funds in India, has an AUM of $$₹34,115$$ crores and a TER of $$0.64\%$$ which means that the AMC gets about $$₹218$$ crores every year. In terms of dollars, that's $$\$29$$ million.
 
 ### UTI Nifty Index Fund
 
-The total AUM of UTI Nifty index fund was $$ ₹1,324.24$$ crores at the start of the FY20 and was $$ ₹1,772.13$$ crores at the end of FY20. Its expense ratio throughout the year was $$ 0.1\%$$. If we consider the average AUM throughout the year as $$ ₹1,548$$ crores, a TER of $$ 0.1\%$$ would've given UTI approximately $$ ₹1.5$$ crores as earnings from UTI Nifty index fund in the FY20.
+The total AUM of UTI Nifty index fund was $$₹1,324.24$$ crores at the start of the FY20 and was $$₹1,772.13$$ crores at the end of FY20. Its expense ratio throughout the year was $$0.1\%$$. If we consider the average AUM throughout the year as $$₹1,548$$ crores, a TER of $$0.1\%$$ would've given UTI approximately $$₹1.5$$ crores as earnings from UTI Nifty index fund in the FY20.
 
 The list of expenses borne by UTI Nifty index fund in FY20 are as follows
 
 |                                   |                |
 | --------------------------------- | -------------- |
 | **Expenses**                      | **₹ in lakhs** |
-| Management Fees                   | $$ 0.91$$       |
-| GST on Management Fees            | $$ 0.16$$       |
-| Trusteeship Fees                  | $$ 0.76$$       |
-| Marketing & Distribution Expenses | $$ 17.12$$      |
-| Custodian Fees                    | $$ 9.55$$       |
-| Registrar Fees                    | $$ 18.82$$      |
-| Investor Education Expenses       | $$ 32.25$$      |
-| Audit Fees                        | $$ 0.63$$       |
-| Other Operating Expenses          | $$ 87.83$$      |
-| **TOTAL EXPENSES**                | $$ ₹ 168.03$$   |
-
-The total expenses borne by UTI for its UTI Nifty index fund in FY20 were $$ ₹1.68$$ crores. Even if our TER calculation was an approximation, we still don't expect UTI would've made any significant profit from this fund and let's not forget, this is not charity or a non-profit venture by UTI. Since UTI kept the same $$ 0.1\%$$ expense ratio for UTI Nifty index fund in the FY21, it would've probably suffered losses in FY21 as well. We'll know more once the annual report of scheme financials is published by UTI.
+| Management Fees                   | $$0.91$$       |
+| GST on Management Fees            | $$0.16$$       |
+| Trusteeship Fees                  | $$0.76$$       |
+| Marketing & Distribution Expenses | $$17.12$$      |
+| Custodian Fees                    | $$9.55$$       |
+| Registrar Fees                    | $$18.82$$      |
+| Investor Education Expenses       | $$32.25$$      |
+| Audit Fees                        | $$0.63$$       |
+| Other Operating Expenses          | $$87.83$$      |
+| **TOTAL EXPENSES**                | $$₹ 168.03$$   |
+
+The total expenses borne by UTI for its UTI Nifty index fund in FY20 were $$₹1.68$$ crores. Even if our TER calculation was an approximation, we still don't expect UTI would've made any significant profit from this fund and let's not forget, this is not charity or a non-profit venture by UTI. Since UTI kept the same $$0.1\%$$ expense ratio for UTI Nifty index fund in the FY21, it would've probably suffered losses in FY21 as well. We'll know more once the annual report of scheme financials is published by UTI.
 
 People might argue that UTI could've reduced their expenses by not spending as much on Marketing & Distribution or Investor Education but considering they don't have enough AUM or TER to make any profits whatsoever, would cutting back on Marketing expenses help UTI at this point? The longer the fund has meager AUM, the longer UTI would suffer losses here. We should also consider that UTI Nifty index fund was launched back in March 2000, more than 20 years ago. I'm not sure if UTI has made any profits on this fund whatsoever and yet we hear people complaining about the TER of this fund being high.
 
 ### Motilal Oswal S\&P 500 Index Fund
 
-The total AUM of Motilal Oswal (MO) S\&P 500 index fund as on 31st March 2021 was $$ ₹1,088.31$$ crores and its expense ratio has been $$ 0.49\%$$ since its launch on 28th April 2020. Assuming an average AUM of $$ ₹504$$ crores, MO would've been able to earn approximately $$ ₹2.4$$ crores from its S\&P 500 index fund.
+The total AUM of Motilal Oswal (MO) S\&P 500 index fund as on 31st March 2021 was $$₹1,088.31$$ crores and its expense ratio has been $$0.49\%$$ since its launch on 28th April 2020. Assuming an average AUM of $$₹504$$ crores, MO would've been able to earn approximately $$₹2.4$$ crores from its S\&P 500 index fund.
 
 Unfortunately, the scheme financial documents of MO's S\&P 500 fund aren't available yet. It should hopefully be published in the next few months so we can know more about the expense details of MO's S\&P 500 index fund.
 
@@ -53,23 +53,23 @@ Unfortunately, the scheme financial documents of MO's S\&P 500 fund aren't avail
 
 The Vanguard S\&P 500 Fund is actually a class of several different funds all collectively known as Vanguard S\&P 500 Fund. The different classes are
 
-|                                                   |            |                           |
-| ------------------------------------------------- | ---------- | ------------------------- |
-| **Vanguard S\&P 500 Share Classes**               | **TER**    | **AUM (as on FY 2020)**   |
-| Vanguard 500 Index Fund Investor Shares (`VFINX`) | $$ 0.14\%$$ | $$ \$4.6$$ billion       |
-| Vanguard S\&P 500 ETF (`VOO`)                     | $$ 0.03\%$$ | $$ \$220.6$$ billion     |
-| Vanguard 500 Index Fund Admiral Shares (`VFIAX`)  | $$ 0.04\%$$ | $$ \$399.6$$ billion     |
-| Vanguard 500 Index Institutional Select (`VFFSX`) | $$ 0.01\%$$ | $$ \$106.7$$ billion     |
+|                                                   |            |                         |
+| ------------------------------------------------- | ---------- | ----------------------- |
+| **Vanguard S\&P 500 Share Classes**               | **TER**    | **AUM (as on FY 2020)** |
+| Vanguard 500 Index Fund Investor Shares (`VFINX`) | $$0.14\%$$ | $$\$4.6$$ billion       |
+| Vanguard S\&P 500 ETF (`VOO`)                     | $$0.03\%$$ | $$\$220.6$$ billion     |
+| Vanguard 500 Index Fund Admiral Shares (`VFIAX`)  | $$0.04\%$$ | $$\$399.6$$ billion     |
+| Vanguard 500 Index Institutional Select (`VFFSX`) | $$0.01\%$$ | $$\$106.7$$ billion     |
 
-Each share class has different minimum investment amount requirements and other minor differences. Combined, these share classes have an AUM of $$ \$731$$ billion. Using the TER and AUM mentioned in the table above, we can come up with an approximate figure of earnings of$$$240\$$ million in the year 2020. The actual amount is probably somewhat lesser since we haven't considered average AUM in this case.
+Each share class has different minimum investment amount requirements and other minor differences. Combined, these share classes have an AUM of $$\$731$$ billion. Using the TER and AUM mentioned in the table above, we can come up with an approximate figure of earnings of$$$240\$$ million in the year 2020. The actual amount is probably somewhat lesser since we haven't considered average AUM in this case.
 
-The total expenses of Vanguard S\&P 500 fund across all of its share classes was $$ \$184$$ million. This means that Vanguard earned only about $$ \$50$$ million in profit.
+The total expenses of Vanguard S\&P 500 fund across all of its share classes was $$\$184$$ million. This means that Vanguard earned only about $$\$50$$ million in profit.
 
 It should be kept in mind that Vanguard itself is structured differently than most AMCs and the company is owned by the investors in its funds. It was founded by the father of index investing, Jack Bogle, who was a proponent of low cost index investing. It would be fair to say that we haven't had any AMCs similar to Vanguard or influential index investing pioneers in India yet.
 
 ### Summary
 
-We don't think it makes sense to compare the TER of Indian index funds to that of Vanguard's index funds and ETFs. The difference in scale is just too great. The index investing scene in India is at a nascent stage, to say the least, if we compare it with giants like Vanguard. We've seen that a 20 year old domestic index fund like UTI Nifty Index suffered losses in FY20. Considering an international index fund like MO's S\&P 500 probably has to face additional expenses, $$ 0.49\%$$ may not be unreasonable. Of course, we'll know more once we have the annual report of MO's funds for FY21.
+We don't think it makes sense to compare the TER of Indian index funds to that of Vanguard's index funds and ETFs. The difference in scale is just too great. The index investing scene in India is at a nascent stage, to say the least, if we compare it with giants like Vanguard. We've seen that a 20 year old domestic index fund like UTI Nifty Index suffered losses in FY20. Considering an international index fund like MO's S\&P 500 probably has to face additional expenses, $$0.49\%$$ may not be unreasonable. Of course, we'll know more once we have the annual report of MO's funds for FY21.
 
 [https://utimf.com/forms-and-downloads/](https://utimf.com/forms-and-downloads/)
 

From 468ce0a8b8fdebdc0922efecf0e40dc7a2f3545c Mon Sep 17 00:00:00 2001
From: Joel Tony <github@jaytau.com>
Date: Wed, 2 Apr 2025 23:13:15 -0600
Subject: [PATCH 13/16] Revert "fix: Replace "ETF" with "Exchange-Traded Fund"
 for clarity in index funds FAQ"

This reverts commit 7c3f8abe280c6270559afdefec48c4f6c0619db0.
---
 ...s-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
index 6a80d50..bc31fcf 100644
--- a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
+++ b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
@@ -15,7 +15,7 @@ The difference between regular plans and direct plans of mutual funds is explain
 [direct-vs-regular.md](direct-vs-regular.md)
 {% endcontent-ref %}
 
-Vanguard's S\&P 500 Exchange-Traded Fund (ETF) shares class (`VOO`) has a TER of $$0.03\%$$ and an AUM of about $$\$221$$ billion. This means that it earns about $$\$66$$ million every year from the ETF shares class. When we combine the AUM from all share classes of Vanguard's S&P 500 fund, the total AUM becomes $$\$731.3$$ billion. For reference, the total AUM of the entire Indian mutual fund industry is $$\$431$$ billion.
+Vanguard's S\&P 500 ETF shares class (`VOO`) has a TER of $$0.03\%$$ and an AUM of about $$\$221$$ billion. This means that it earns about $$\$66$$ million every year from the ETF shares class. When we combine the AUM from all share classes of Vanguard's S&P 500 fund, the total AUM becomes $$\$731.3$$ billion. For reference, the total AUM of the entire Indian mutual fund industry is $$\$431$$ billion.
 
 In contrast, Kotak Flexicap Fund, one of the largest equity funds in India, has an AUM of $$₹34,115$$ crores and a TER of $$0.64\%$$ which means that the AMC gets about $$₹218$$ crores every year. In terms of dollars, that's $$\$29$$ million.
 

From e29ac5f751609c8ffd7aa08abc68dfc9766fbea4 Mon Sep 17 00:00:00 2001
From: Joel Tony <github@jaytau.com>
Date: Wed, 2 Apr 2025 23:15:28 -0600
Subject: [PATCH 14/16] feat: Remove brackets from tickers

---
 ...a-not-as-cheap-as-vanguards-index-funds-and-etfs.md | 10 +++++-----
 1 file changed, 5 insertions(+), 5 deletions(-)

diff --git a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
index bc31fcf..e90874d 100644
--- a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
+++ b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
@@ -15,7 +15,7 @@ The difference between regular plans and direct plans of mutual funds is explain
 [direct-vs-regular.md](direct-vs-regular.md)
 {% endcontent-ref %}
 
-Vanguard's S\&P 500 ETF shares class (`VOO`) has a TER of $$0.03\%$$ and an AUM of about $$\$221$$ billion. This means that it earns about $$\$66$$ million every year from the ETF shares class. When we combine the AUM from all share classes of Vanguard's S&P 500 fund, the total AUM becomes $$\$731.3$$ billion. For reference, the total AUM of the entire Indian mutual fund industry is $$\$431$$ billion.
+Vanguard's S\&P 500 ETF shares class `VOO` has a TER of $$0.03\%$$ and an AUM of about $$\$221$$ billion. This means that it earns about $$\$66$$ million every year from the ETF shares class. When we combine the AUM from all share classes of Vanguard's S&P 500 fund, the total AUM becomes $$\$731.3$$ billion. For reference, the total AUM of the entire Indian mutual fund industry is $$\$431$$ billion.
 
 In contrast, Kotak Flexicap Fund, one of the largest equity funds in India, has an AUM of $$₹34,115$$ crores and a TER of $$0.64\%$$ which means that the AMC gets about $$₹218$$ crores every year. In terms of dollars, that's $$\$29$$ million.
 
@@ -56,10 +56,10 @@ The Vanguard S\&P 500 Fund is actually a class of several different funds all co
 |                                                   |            |                         |
 | ------------------------------------------------- | ---------- | ----------------------- |
 | **Vanguard S\&P 500 Share Classes**               | **TER**    | **AUM (as on FY 2020)** |
-| Vanguard 500 Index Fund Investor Shares (`VFINX`) | $$0.14\%$$ | $$\$4.6$$ billion       |
-| Vanguard S\&P 500 ETF (`VOO`)                     | $$0.03\%$$ | $$\$220.6$$ billion     |
-| Vanguard 500 Index Fund Admiral Shares (`VFIAX`)  | $$0.04\%$$ | $$\$399.6$$ billion     |
-| Vanguard 500 Index Institutional Select (`VFFSX`) | $$0.01\%$$ | $$\$106.7$$ billion     |
+| Vanguard 500 Index Fund Investor Shares `VFINX` | $$0.14\%$$ | $$\$4.6$$ billion       |
+| Vanguard S\&P 500 ETF `VOO`                     | $$0.03\%$$ | $$\$220.6$$ billion     |
+| Vanguard 500 Index Fund Admiral Shares `VFIAX`  | $$0.04\%$$ | $$\$399.6$$ billion     |
+| Vanguard 500 Index Institutional Select `VFFSX` | $$0.01\%$$ | $$\$106.7$$ billion     |
 
 Each share class has different minimum investment amount requirements and other minor differences. Combined, these share classes have an AUM of $$\$731$$ billion. Using the TER and AUM mentioned in the table above, we can come up with an approximate figure of earnings of$$$240\$$ million in the year 2020. The actual amount is probably somewhat lesser since we haven't considered average AUM in this case.
 

From 96eea265db38aea241aaf8eff5a40df9a66698d8 Mon Sep 17 00:00:00 2001
From: Joel Tony <github@jaytau.com>
Date: Wed, 2 Apr 2025 23:17:13 -0600
Subject: [PATCH 15/16] hotfix: Correct formatting of earnings figure in index
 funds FAQ

---
 ...s-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
index e90874d..050d64f 100644
--- a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
+++ b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
@@ -61,7 +61,7 @@ The Vanguard S\&P 500 Fund is actually a class of several different funds all co
 | Vanguard 500 Index Fund Admiral Shares `VFIAX`  | $$0.04\%$$ | $$\$399.6$$ billion     |
 | Vanguard 500 Index Institutional Select `VFFSX` | $$0.01\%$$ | $$\$106.7$$ billion     |
 
-Each share class has different minimum investment amount requirements and other minor differences. Combined, these share classes have an AUM of $$\$731$$ billion. Using the TER and AUM mentioned in the table above, we can come up with an approximate figure of earnings of$$$240\$$ million in the year 2020. The actual amount is probably somewhat lesser since we haven't considered average AUM in this case.
+Each share class has different minimum investment amount requirements and other minor differences. Combined, these share classes have an AUM of $$\$731$$ billion. Using the TER and AUM mentioned in the table above, we can come up with an approximate figure of earnings of $$\$240$$ million in the year 2020. The actual amount is probably somewhat lesser since we haven't considered average AUM in this case.
 
 The total expenses of Vanguard S\&P 500 fund across all of its share classes was $$\$184$$ million. This means that Vanguard earned only about $$\$50$$ million in profit.
 

From 73bf0493d3572255c5c54e11ddc890e1ade78ba6 Mon Sep 17 00:00:00 2001
From: Joel Tony <github@jaytau.com>
Date: Wed, 2 Apr 2025 23:22:29 -0600
Subject: [PATCH 16/16] fix: Add brackets for inline ticker

---
 ...s-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md | 2 +-
 1 file changed, 1 insertion(+), 1 deletion(-)

diff --git a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
index 050d64f..804fed1 100644
--- a/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
+++ b/faqs/mfs/why-are-index-funds-in-india-not-as-cheap-as-vanguards-index-funds-and-etfs.md
@@ -15,7 +15,7 @@ The difference between regular plans and direct plans of mutual funds is explain
 [direct-vs-regular.md](direct-vs-regular.md)
 {% endcontent-ref %}
 
-Vanguard's S\&P 500 ETF shares class `VOO` has a TER of $$0.03\%$$ and an AUM of about $$\$221$$ billion. This means that it earns about $$\$66$$ million every year from the ETF shares class. When we combine the AUM from all share classes of Vanguard's S&P 500 fund, the total AUM becomes $$\$731.3$$ billion. For reference, the total AUM of the entire Indian mutual fund industry is $$\$431$$ billion.
+Vanguard's S\&P 500 ETF shares class (`VOO`) has a TER of $$0.03\%$$ and an AUM of about $$\$221$$ billion. This means that it earns about $$\$66$$ million every year from the ETF shares class. When we combine the AUM from all share classes of Vanguard's S&P 500 fund, the total AUM becomes $$\$731.3$$ billion. For reference, the total AUM of the entire Indian mutual fund industry is $$\$431$$ billion.
 
 In contrast, Kotak Flexicap Fund, one of the largest equity funds in India, has an AUM of $$₹34,115$$ crores and a TER of $$0.64\%$$ which means that the AMC gets about $$₹218$$ crores every year. In terms of dollars, that's $$\$29$$ million.