Final answer:
No-load funds' expense ratio is lower than the sales load funds' expense ratio.
Step-by-step explanation:
The no-load funds' expense ratio is lower than the sales load funds' expense ratio. An expense ratio is the percentage of a fund's assets that are used to cover expenses, such as management fees. No-load funds are mutual funds that do not charge sales loads, which are upfront fees that investors pay when purchasing shares of a fund. Therefore, no-load funds have lower expenses compared to sales load funds, making their expense ratio lower.