I like it - a single unified risk disclosure. At least prospectuses would be shorter!

Regulators already struggle to define jurisdictional lines and cooperate with other agencies. I can't imagine how they would handle this new world order.

Dig deeper into these trends 👇

Article: spr.ly/6011N5aSN
Full report: spr.ly/6017N5aSL

Morningstar Direct users can run their own custom analysis using the U.S. Fund Fee Trends notebook in the Research + Analytics module.

Vanguard remains the low-cost leader with an asset-weighted average fee of just 0.07%.

Four of the five largest fund families were among the five cheapest in 2024, with Dimensional the cheapest provider outside the five biggest firms.

4/5

Investors have shown much more interest in cheap funds than expensive ones. The cheapest 20% of passive funds collected $2.8 trillion of inflows since 2021, while investors pulled $1.4 trillion out of the priciest 80% of active funds.

3/5

ETFs hold a considerable fee advantage over mutual funds, partly because of their passive investing origin. That doesn't mean all ETFs are cheaper--new ones are actually raising the equal-weighted average price of ETFs due to increasingly complex and active new offerings.

2/5

Buying the dip in TQQQ is a tale as old as time