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Methodology & Data Sources
Expense Analysis
The Fund Analyzer offers information on over 30,000 mutual funds, Exchange Traded Funds (ETFs), and Exchange Traded Notes (ETNs). Data is not currently available for closed-end funds or offshore funds. Please read our disclaimer.
How the Fund Analyzer Expense Analysis Works
The Fund Analyzer employs rigorous methodologies to calculate the impact of product-level fees and account-level expenses on your investment. For any mutual fund, ETF, or ETN, it displays account values and the pre-tax total cost of ownership. It does-so for every holding period from one to twenty years.
Based on the funds you select, and amount that you invest, the Fund Analyzer will assess the appropriate fees and expenses. Still, you may change certain entries to more accurately reflect your personal situation.
At the product-level, the Analyzer calculates, and then deducts, the appropriate front-end load, if any. Then it calculates the daily accrual of return and deduction for expenses. Upon redemption, it deducts any contingent deferred sales charges (CDSCs). It also handles convertible shares, such as Class B and Class C shares.
At the account level, it calculates the impact of costs assessed by a brokerage firm or RIA, such as advisory fees and flat fees. It handles various contribution and withdrawal schedules. All results reflect the proper application of shareholder benefits such as rights of accumulation (ROA), letter of intent (LOI), free exchanges, and aggregation. In this way, the Analyzer helps you evaluate, more realistically, a series of trades, not just a one-time investment.
Results reflect the redemption of assets at year-end. They are displayed in the Fund Costs and Value Over Timearea of the tool. For example, the results for year 7 assume that a fund was held for seven years and then redeemed, in full, at that year-end. All displayed values reflect the deduction of all standard fees and expenses, unless you elect to waive them. For example, if you are not subject to a fund’s front-end load, then you can run an analysis to reflect that fact.
Verified Results
Broker Village is FINRA Investor Education’s primary provider for online tool auditing services and related investment analytics.Broker Village provides decision-making analytics, prospectus and online tool auditing services, and revenue optimization services to fund firms, brokerage firms, and regulators. FINRA engaged Broker Village to conduct an independent audit of this tool to confirm, refine, andverify the calculation methodologies for accuracy and completeness.
Data Sources
Data for the Expense Analysis portion of the Fund Analyzer is provided by Morningstar, a leading provider of independent investment research in North America, Europe, Australia, and Asia. Morningstar is a trusted source for insightful information on stocks, mutual funds, variable annuities, closed-end funds, exchange-traded funds, separate accounts, hedge funds, and 529 college savings plans. For additional information, please visit the Morningstar Web site.
Fee & Discount Information
Data Sources
The information on the Fee/Discount Report on the Fund Analyzer is provided by the Mutual Fund Profile Service, a product of the National Securities Clearing Corporation (NSCC). NSCC is a subsidiary of the Deposit Trust & Clearing Corporatoin (DTCC). Information in the Mutual Fund Profile Service (MFPS) is entered and maintained by each mutual fund company. Because the MFPS does not necessarily contain the full text of the fund's name or the fund's symbol, FINRA has contracted with a third party data provider (Morningstar) to provide these additional pieces of information. All other information is displayed as entered by the fund's adviser into MFPS.
Participating Funds
The MFPS is primarily designed for U.S. mutual funds sold to retail investors. As a result information on offshore mutual funds, certain mutual fund institutional share classes, ETFs, and ETNs may not be available through this service. Additionally not all fund families participate in this NSCC service. The Fund Analyzer will indicate when information has not been provided and users are encouraged to review the prospectus and/or contact the fund for information.
Obtaining Data Feeds from NSCC
The Mutual Fund Profile Service data displayed through this tool, as well as a number of additional operational data items, are available as a data feed from NSCC. Please contact us for more information or contact NSCC directly.
Your comments and questions are welcome. We hope you find our Fund Analyzer helpful. If you have any questions or ideas about how we can improve this tool, please email us.
