Confusion investing in funds

Lokolo

Firstly, if they are not traded on the open stock market, how dow I generate revenue from them? Do I effectively get paid multiple 'dividends' at regular points of the year?

The stocks inside them increase in value or pay dividends, increasing the funds value. This is then paid out in dividends, or just raising the unit price.

What costs are generally associated with funds? Are they typically more expensive than ETFs?

ETFs are just a basket of whatever they follow. However they are paper. Funds can either be active (managed by a person), or passive (managed by a computer). Active funds cost more than passive. You can see a funds cost if you view the fact sheet.