Based on the fact that S&P 500 mutual funds track the same index, it could be assumed that any one of the 65 funds is as good as the other, but a recent study by the Investment Company Institute suggests otherwise.

According to the Washington-based trade group, S&P mutual funds are far from one-size-fits-all. Sure, the funds' underlying holdings are practically identical, but creative variations in asset levels, account size, minimum investment requirements and fees differentiate the funds and can have a significant impact on an investor's total return.

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