|Expense Ratio (net)||0.62%|
|Last Cap Gain||0.00|
|Morningstar Risk Rating||Below Average|
|Beta (3Y Monthly)||1.03|
|5y Average Return||N/A|
|Average for Category||N/A|
|Inception Date||Nov 30, 1973|
In this debate between mutual funds and ETFs, it’s not active versus passive; it’s fund structure. Mutual funds pay out capital gains that investors owe tax on—and this year the bill is a whopper. ETF investors avoid this cost.
This article was published in the November issue of Morningstar FundInvestor. A nine-year bull market has made fund companies tremendously profitable. You've heard about the move from active to passive funds, but today there is $11.7 trillion in actively managed funds.
State treasurers from Illinois, Rhode Island and Pennsylvania, and New York City Comptroller Scott Stringer, co-filed the proposal. A similar shareholder proposal seeking an independent chair was defeated in 2017 at Facebook, where Zuckerberg's majority control makes outsider resolutions effectively symbolic.