The fund received 5 stars for the overall, 5 stars for the three years, 5 stars for the five years and 5 stars for the 10 years.
Had fees not been waived and/or expenses reimbursed currently or in the past, the Morningstar rating would have been lower. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable, excluding sales charges and including fees and expenses. Ratings are calculated for funds with at least a three year history. Open-end mutual funds and exchange-traded funds are considered a single population for comparison purposes. Morningstar ratings are based on a risk-adjusted return measure that accounts for variation in a fund’s monthly performance, placing more emphasis on the downward variations and rewarding consistent performance. Lipper fund percentile rankings are based on total returns, excluding sales charges and including fees and expenses, and are versus mutual funds, ETFs and funds of funds in the category tracked by Lipper. ¹ Source: Bloomberg L.P., in the US based on average daily volume traded, as of December 31, 2022. Investors should always consult their own legal or tax advisor for information concerning their individual situation. Federal and state tax laws are complex and constantly changing.
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Investors should talk with their financial professional regarding their situation before investing. Typically, they are still more liquid than most traditional mutual funds because they trade on exchanges. While extreme market conditions could result in illiquidity for ETFs. ETFs can be traded throughout the day, whereas mutual funds are traded only once a day.
Since ordinary brokerage commissions apply for each ETF buy and sell transaction, frequent trading activity may increase the cost of ETFs. Unlike ETFs, actively managed mutual funds have the ability react to market changes and the potential to outperform a stated benchmark. Most ETFs are passively managed and are structured to track an index, whereas many mutual funds are actively managed and thus have higher management fees. ETFs generally have lower expenses than actively managed mutual funds due to their different management styles. Investors should be aware of the material differences between mutual funds and ETFs. However, while mutual funds are priced once a day at the market close, ETFs can be bought and sold like individual stocks throughout the day.Ĭompared to mutual funds, ETFs tend to have better tax efficiency and more transparency, as well as lower fees on average. ETFs are similar to mutual funds in that they both can provide exposure to broad areas of the market in a single investment.
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