A no-load fund is a mutual fund whose shares are sold without the payment of a commission or "load." It differs from a load fund in that sales charges are incurred on the date of purchase or sale of the fund.
A mutual fund is considered no-load if it does not charge sales fees. This does not preclude the fund from charging purchasing and redemption fees as long as the proceeds are directed to the fund rather than an intermediary.

A no-load fund is a type of mutual fund or investment fund that does not charge a sales commission or load when investors buy or sell shares. This means the entire amount invested goes directly into the fund, maximizing the investor’s initial capital. No-load funds are typically offered directly by investment companies or through platforms that avoid intermediaries, making them cost-effective for investors.

These funds are attractive because they reduce the overall expense ratio, allowing investors to keep more of their returns. However, they may still charge management fees or other operational costs. No-load funds are ideal for cost-conscious investors seeking to minimize fees and maximize long-term growth. They are widely available and can be a key component of a diversified, low-cost investment strategy.