Series A, F, D, I, O — pick the series your fund shows, and get a plain-English breakdown of what's baked in, what's layered on top, and whether you're being double-charged.
Answer three questions to get the full fee-stack picture.
Every fund company names things slightly differently, but the logic below covers 95% of Canadian mutual funds.
| Series | Trailer embedded? | Typical MER range | Who gets it / sold where | Advisor fee layered on? |
|---|---|---|---|---|
| A Series A / Class A | Yes — ~1% equity, ~0.5% fixed income | 1.8% – 2.5% | Bank branches, MFDA dealerships, discount brokerages | Usually no — trailer is the advisor's compensation |
| B Series B | Yes — same trailer as A; sometimes just a DSC-load version | 1.8% – 2.5% | Same channels as A; B often just means "back-end load" | No |
| D Series D | Reduced trailer (~0.25%) or none | 1.0% – 1.5% | Discount brokerages (TD Direct, RBC DI, Questrade) | No — you're doing it yourself |
| F Series F / Class F | No — zero trailer | 0.8% – 1.5% | Fee-based accounts only (IIROC/CIRO firms with fee agreements) | Yes — advisor charges you a separate annual % or flat fee |
| I Series I | No — negotiated directly | Negotiated (often <1%) | High-net-worth / institutional via fee-based channel | Yes |
| O Series O | No — management fee paid by fund manager separately | ~0.15% – 0.5% (O-series expenses only) | Wrap programs; institutional; advisor charges outside fund | Yes — always |
| T Series T / T4 / T6 / T8 | Yes — same trailer as A-series | 1.8% – 2.5% | MFDA dealerships; designed for tax-efficient regular cash flow in non-registered accounts | No |
| E ETF / Exchange series | None | 0.05% – 0.35% | Stock exchanges; all brokerage accounts | Optional — fee-based accounts may charge |
The fee-based model is genuinely more transparent — when it's done correctly. Here's when it works, and when you're just paying twice.
Group RRSP and group DPSP platforms (Manulife, Sun Life, Great-West/Canada Life, Industrial Alliance) often use numbered series rather than letters. The logic is similar but less standardized:
The only way to know which series your group plan uses: log into your group plan portal, find the fund fact sheet, and look for the MER. Then compare it to the fund company's retail Series A MER for the same fund. If they match — you're in retail pricing. If they're lower — you're getting institutional pricing (good). See the Group RRSP Guide and Group RRSP Match vs MER Calculator for more.