Sorry guys, but still disagree. Reason being that management fees have to be declared and can't be 'hidden' within the trade price. They have to be transparent by law, otherwise they could not function and operate within those highly regulated markets.
I have a UK fund currently running which I no longer contribute to. Every year I receive a statement and it clearly shows a management fee of 1.5%. it's deducted regardless of whether the fund increases or decreases in value. This is not so with the C fund.