Ja, good question. Bear with me for a moment:
I used to price options on funds in the context of variable annuity pricing/hedging. Basically a VA is a fund (actually fund of funds) with a guarantee component. The cost of the guarantee, and the management fees, is deducted from what is called the account value, which you can think of as the NAV of the Fund/FoF.
So then the question arose, how do you treat this deduction from the fund value. As a 'dividend yield' or not? I cannot divulge trade secrets, even stale ones, but if you think about it you are getting something of value in return for this deduction. In the VA case you get the guarantee in addition to stellar performance of the funds that are being managed. From that perspective it makes sense, from a risk-neutral point of view, to treat the deductions as a dividend yield. After all you do get something in return, even if only scale of economies.
As for the 'stellar performance' of index trackers? Yeah, let's not talk about that, it's a risk neutral world after all, not real world where the performance is actually sub-par.
I am curious how others will answer this question on the pricing of fund derivatives.