Expenses are management fees and trading expenses. For example the cost to re-weight the portfolio, make additions and subtractions, distribute dividends, complince and legal costs, etc.

Set and forget works if you’re Ron Popeil selling a toaster oven. Set it and forget works if you believe that the world 30 years from now will be the same as it was 30 years ago. The reality is that the rate of change in the world is increasing as are things like market structure, computerized/algorithmic trading,…