I buy this ETF in my unregistered account, but I'm a little confused.
According to their website, there's a ["Trading Expense Ratio" of 0.45% and a Swap Fee of Up to 0.50% as well as the MER of 0.11%](https://www.globalx.ca/product/hxs).
However, when you [compare the returns over the past 11 years](https://i.imgur.com/JV5VNnI.png) (a long enough time frame where you'd see the lower fee fund pull away), HXS comes out almost exactly the same as VFV which has an MER of 0.09%. Is the Swap fee or Trading Expense ration not being charged?