Is an annual fee that goes to the management of a fund/ETF. This "fee" goes to the salaries of the managers, and to the daily operation costs of the relevant fund.
This fee can vary greatly depending on the type of fund in question. A small difference in management fee between two funds can make a big difference in the return for investors over time. It is therefore important that you know what fee you pay for the funds you are investing in. Index funds and ETFs usually have lower management fees than activly managed funds, due to that activly managed funds use humans for investments and strategies.
The management fee must already be deducted from the daily exchange rate reported by the funds.