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Executive Summary 執行摘要
In 2021, the average expense ratio paid by fund investors was less than half of what it was two decades ago. Between 2001 and 2021 , the asset-weighted average fee fell to 0.40%0.40 \% from 0.87%0.87 \%. Investors have saved billions in fund fees as a result. 在 2021 年，基金投資人支付的平均費用比率不到二十年前的一半。2001 年至 2021 年間，資產加權平均費用從 0.87%0.87 \% 降至 0.40%0.40 \% 。投資者因此節省了數十億美元的基金費用。
There are several factors that have driven fees lower. Investors are increasingly aware of the importance of minimizing investment costs, which has led them to favor lower-cost funds. Intensifying competition among asset managers has resulted in many cutting fees to vie for market share. Changes in the economics of advice have also played a critical role. The move toward fee-based models of charging for financial advice has been a key driver of the shift toward lower-cost funds, share classes, and fund types - most notably exchange-traded funds. Investors employing a fee-based advisor may not be pocketing the difference from lower fund fees but redirecting those dollars to cover the price of advice. 有幾個因素促使費用降低。投資人愈來愈意識到投資成本最小化的重要性，這導致他們偏好成本較低的基金。資產經理之間的競爭加劇，導致許多經理為了爭奪市場份額而降低收費。諮詢經濟的變化也發揮了關鍵作用。趨向以收費模式收取財務建議費用，是趨向低成本基金、股份類別和基金類型（最顯著的是交易所買賣基金）的主要動力。聘用收費顧問的投資者可能不會從較低的基金費用中獲取差額，而是將這些錢轉用於支付諮詢費用。
Key Takeaways 主要心得
The average expense ratio paid by fund investors has been falling for over two decades. In 2021, the asset-weighted average expense ratio of all U.S. open-end mutual funds and exchange-traded funds was 0.40%0.40 \%, compared with 0.87%0.87 \% in 2001. 二十多年來，基金投資人支付的平均開支比率一直在下降。2021 年，美國所有開放式共同基金和交易所買賣基金的資產加權平均開支比率為 0.40%0.40 \% ，而 2001 年則為 0.87%0.87 \% 。
The asset-weighted average expense ratio fell to 0.40%0.40 \% in 2021 from 0.42%0.42 \% in 2020 . As a result, we estimate investors saved nearly $6.9\$ 6.9 billion in fund expenses last year. 資產加權平均開支比率從 2020 年的 0.42%0.42 \% 降至 2021 年的 0.40%0.40 \% 。因此，我們估計投資人去年可節省近 $6.9\$ 6.9 億元的基金開支。
The asset-weighted average expense ratio for active funds fell to 0.60%0.60 \% in 2021 from 0.63%0.63 \% in 2020, driven mainly by large net outflows from expensive funds and share classes and, to a lesser extent, inflows to cheaper ones. 主動型基金的資產加權平均開支比率由 2020 年的 0.63%0.63 \% 降至 2021 年的 0.60%0.60 \% ，主要是由於高價基金及股份類別出現大量淨流出，以及較低價基金及股份類別流入所致。
The asset-weighted average expense ratio for passive funds remained steady at 0.12%0.12 \% in 2021. 2021 年，被動型基金的資產加權平均開支比率穩定在 0.12%0.12 \% 。
The equal-weighted average expense ratio - which indicates what funds charge irrespective of where assets are held - fell to 0.96%0.96 \% in 2021 from 0.99%0.99 \% in 2020. Active funds’ equalweighted fees declined to 1.03%1.03 \% from 1.06%1.06 \%, while the equal-weighted average fee among passive funds dropped to 0.55%0.55 \% from 0.57%0.57 \%. 等加權平均費用率（表示基金不論資產持有地點而收取的費用）從 2020 年的 0.99%0.99 \% 降至 2021 年的 0.96%0.96 \% 。主動型基金的等權重費用從 1.06%1.06 \% 降至 1.03%1.03 \% ，而被動型基金的等權重平均費用則從 0.57%0.57 \% 降至 0.55%0.55 \% 。
In 2021 , the cheapest 20%20 \% of funds saw net inflows of $1.05\$ 1.05 trillion, with the remaining 80%80 \% amassing just $57\$ 57 billion in inflows - the first year of collective inflows for pricier funds since 2013. The cheapest 5%5 \% of funds alone received $648\$ 648 billion of inflows. 2021 年，最便宜的 20%20 \% 基金錄得 $1.05\$ 1.05 萬億美元的淨流入，其餘 80%80 \% 基金僅錄得 $57\$ 57 億美元的流入，這是自 2013 年以來高價基金首次出現集體流入。單是最便宜的 5%5 \% 基金就獲得 $648\$ 648 億美元的流入。
The line that separates the cheapest 10%10 \% of funds from the rest has fallen 46%46 \% over the past 15 years, while the line between the most expensive 10%10 \% and the rest has come down 18%18 \%. 過去 15 年來，最便宜的 10%10 \% 基金與其他基金之間的分界線下降了 46%46 \% ，而最貴的 10%10 \% 基金與其他基金之間的分界線下降了 18%18 \% 。
The evolution of the economics of the advice business is shaping flows and fees. Looking through the lens of Morningstar’s service fee arrangement attribute, we can see that bundled 諮詢業務經濟學的演變正在塑造流量和費用。從 Morningstar 的服務費安排屬性的角度來看，我們可以看到捆綁式
share classes have been in outflows for 12 of the past 14 years, while semibundled and unbundled share classes have seen steady inflows. Fee-based advisors prefer these funds and share classes as they make room for the price of advice. 在過去 14 年中，有 12 年的股票類別一直處於流出狀態，而半捆綁和非捆綁股票類別則有穩定的流入。收費顧問偏好這些基金和股票類別，因為它們可為建議價格留出空間。
Investors in sustainable funds are paying a “greenium” relative to investors in conventional funds. This is evidenced by these funds’ higher asset-weighted average expense ratio, which stood at 0.55%0.55 \% at the end of 2021 versus 0.39%0.39 \% for their traditional peers. That said, this “greenium” has been shrinking steadily in recent years and reached its lowest level on record in 2021. 相對於傳統基金的投資者，可持續基金的投資者需要支付「綠金」。這從這些基金較高的資產加權平均開支比率可見一斑，2021 年底的開支比率為 0.55%0.55 \% ，而傳統同業的開支比率則為 0.39%0.39 \% 。儘管如此，這個「greenium」近年來持續縮減，並在 2021 年達到有紀錄以來的最低水平。
Strategic-beta funds are an alternative to higher-cost actively managed funds. In 2021, the asset-weighted average fee for strategic-beta funds was 0.17%0.17 \%, which was slightly higher than the figure for traditional index funds ( 0.12%0.12 \% ) but significantly lower than for active funds (0.60%). 策略性-beta 基金是成本較高的主動式管理基金的替代選擇。2021 年，策略性-beta 基金的資產加權平均費用為 0.17%0.17 \% ，略高於傳統指數基金的數字（ 0.12%0.12 \% ），但顯著低於主動式基金的費用（0.60%）。
Although its competition continues to gain ground, Vanguard still claims the lowest assetweighted average expense ratio among asset managers, which was 0.08%0.08 \% in 2021. 儘管其競爭對手不斷佔據優勢，Vanguard 仍稱得上是資產管理公司中資產加權平均費用率最低的公司，2021 年的費用率為 0.08%0.08 \% 。
Trends in Fund Fees Paid by Investors 投資人支付基金費用的趨勢
Investors paid lower fund expenses in 2021 than ever before. Our study of U.S. open-end mutual funds and exchange-traded funds found the asset-weighted average expense ratio across funds was 0.40%0.40 \% in 2021, a 5%5 \% decline from 2020. This is the fourth-largest year-over-year decline we have recorded dating back to 1991. Consequently, we estimate that investors saved nearly $6.9\$ 6.9 billion in fund expenses last year. This fee decline is a big positive for investors because fees compound over time and diminish returns. Compounding investors’ 2021 fund fee savings at a rate of 4.1%4.1 \% over the next 10 years would equate to $10.3\$ 10.3 billion more in investors’ pockets come 2032. ^(1){ }^{1} 投資者在 2021 年支付的基金費用比以往任何時候都低。我們對美國開放式共同基金和交易所交易基金的研究發現，2021 年各基金的資產加權平均開支比率為 0.40%0.40 \% ，較 2020 年下降 5%5 \% 。這是我們自 1991 年以來錄得的第四大按年跌幅。因此，我們估計投資者去年在基金開支方面節省了近 $6.9\$ 6.9 億元。費用下降對投資者來說是一大利好，因為費用會隨著時間複合而減少回報。在未來 10 年，投資者在 2021 年節省的基金費用將以 4.1%4.1 \% 的速度複合計算，到 2032 年，投資者口袋裡就會多出 $10.3\$ 10.3 億美元。 ^(1){ }^{1}
Source: Morningstar Direct. Data as of Dec. 31, 2021. 資料來源：Morningstar Direct。資料截至 2021 年 12 月 31 日。
1 The 10-year valuation-implied expected return for a 60//4060 / 40 stock/bond portfolio based on Morningstar Investment Management LLC’s forecasts of corporate and economic fundamentals as of March 31, 2022. 1 根據 Morningstar Investment Management LLC 對截至 2022 年 3 月 31 日的企業和經濟基本面的預測， 60//4060 / 40 股票/債券投資組合的 10 年估值預測預期回報。
In this study, we examine the trend in fund expenses paid by investors using the asset-weighted average expense ratio as our measure. The asset-weighted average is a better measure of the average costs borne by fund investors than an equal-weighted average because it approximates what investors paid, on average, for the funds they invested in rather than what funds charged, on average. For example, for active U.S. equity funds, the asset-weighted average expense ratio was 0.63%0.63 \% in 2021. The equal-weighted average expense ratio for this group was 1.05%. Funds with expense ratios above 1.05% accounted for approximately 6.7%6.7 \% of assets invested in active U.S. equity funds at the end of 2021. Clearly, the equal-weighted average does not reflect most investors’ experience. 在本研究中，我們以資產加權平均開支比率作為衡量指標，檢視投資者支付的基金開支趨勢。資產加權平均開支比率比等量加權平均開支比率更能反映基金投資者所承擔的平均成本，因為資產加權平均開支比率近似投資者平均為所投資的基金支付的費用，而非基金的平均收費。例如，就主動型美國股票基金而言，2021 年的資產加權平均開支比率為 0.63%0.63 \% 。該組別的等加權平均開支比率為 1.05%。2021 年底，開支比率高於 1.05% 的基金約佔投資於主動型美國股票基金的資產 6.7%6.7 \% 。顯然，等權重平均值並未反映大多數投資者的經驗。
Declines in asset-weighted average fees were more pronounced among actively managed funds in 2021 thanks to a combination of inflows into low-cost funds, outflows from more costly ones, and fee cuts. In aggregate, the asset-weighted expense ratio for actively managed funds declined 4.4%4.4 \% from 2020. U.S. equity funds exhibited the largest declines among passive funds, as their asset-weighted average fees fell 9.4%9.4 \% to reach 0.08%0.08 \%. 由於低成本基金的流入、高成本基金的流出以及費用的削減，2021 年主動管理型基金的資產加權平均費用下降更加明顯。總體而言，主動式管理基金的資產加權開支比率較 2020 年下降 4.4%4.4 \% 。在被動基金中，美國股票基金的下降幅度最大，其資產加權平均費用下降 9.4%9.4 \% ，達到 0.08%0.08 \% 。
Exhibit 2 Investors’ Average Fund Costs as Represented by Asset-Weighted Average Fees 附表 2 資產加權平均費用所代表的投資人平均基金成本
Trends in Fund Fees Charged by the Industry 業界收取基金費用的趨勢
The mass migration to lower-cost funds and share classes has been a key driver of falling costs. Fee cuts and the introduction of lower-cost funds and share classes have also played a role. In 2021, fee reductions by the asset-management industry for active and passive funds continued. 大規模遷移至低成本基金和股票類別是成本下降的主要動力。減費以及推出低成本基金和股票類別也發揮了作用。2021 年，資產管理行業繼續降低主動式和被動式基金的費用。
Changes in fees charged by asset managers are represented by trends in the equal-weighted average expense ratio, which reflect what the asset-management industry is charging for its products, regardless of fund size. Below, we calculated the equal-weighted average expense ratio for active and passive funds by Morningstar Category group. The calculations below include all share classes of all funds, excluding funds of funds and money market funds. 資產管理公司所收取費用的變動，以等加權平均開支比率的趨勢來表示，反映出資產管理業對其產品所收取的費用，不論基金規模大小。以下，我們按 Morningstar 類別群計算主動式與被動式基金的等加權平均開支比率。以下計算包括所有基金的所有股份類別，但不包括基金中的基金及貨幣市場基金。
Exhibit 4 Fund Fees Charged by Asset Managers as Represented by Equal-Weighted Fees 附表 4 資產經理收取的基金費用，以等加權費用表示
Source: Morningstar Direct. Data as of 12/31/2021. 資料來源：Morningstar Direct。資料截至 12/31/2021。
In recent years, index mutual funds and ETFs have experienced significant fee pressure. Most notably, providers of broad-based market-capitalization-weighted index funds have been engaged in what has been dubbed a “fee war.” In September 2018, this fee fighting reached what seemed at the time to be its inevitable conclusion when Fidelity launched its lineup of zero-fee index mutual funds. More recently, other asset managers have followed suit. Going forward, as fees for these funds sit either at or near zero, it is inevitable that the pace of fee declines will slow. 近年來，指數共同基金和 ETF 經歷了巨大的費用壓力。最值得注意的是，基礎廣泛的市值加權指數基金的提供者一直在進行被稱為 「費用戰 」的戰鬥。2018 年 9 月，當富達推出其零費用指數互惠基金系列時，這場費用戰達到了當時看來是必然的結局。最近，其他資產管理公司也紛紛效仿。展望未來，隨著這些基金的收費達到零或接近零，收費下降的步伐難免會放緩。
The fact that fees have been reduced to either nothing or next to nothing among broad-based index funds is only natural. Given these funds’ commoditylike nature, it seems inevitable that their prices would be pushed down to the marginal cost of managing them and that assets would consolidate in the hands of a few large-scale manufacturers. More recently, this same degree of fee pressure has spread into other corners of the market, most notably within the realm of strategic-beta ETFs. Given that the marginal cost of managing these funds is only incrementally greater than that for their more-vanilla counterparts, this space has seen mounting fee pressure and will continue to see this in coming years. That said, there are countervailing forces to consider. There is a chance that the decline in passive funds’ equal-weighted fees could even reverse in light of the proliferation of new, higher-priced index funds like thematic ETFs and mutual funds. 在基礎廣泛的指數基金中，費用已降至沒有或幾乎沒有，這是很自然的事。鑑於這些基金類似商品的性質，其價格被壓低至管理的邊際成本，以及資產被鞏固在少數大型製造商手中，似乎是無可避免的。最近，同樣程度的收費壓力已蔓延至市場的其他角落，最明顯的是策略性倍數 ETF。鑑於管理這些基金的邊際成本僅略高於其較優質的同類基金，這一領域的費用壓力已不斷增加，並將在未來幾年繼續增加。儘管如此，我們仍要考慮一些反作用力。鑑於主題 ETF 及互惠基金等新興高價指數基金不斷湧現，被動基金的等權費下降趨勢甚至有可能逆轉。
The percentage of active funds that reported lower annual expenses increased to nearly 51%51 \% in 2021 from 39%39 \% in 2020. Meanwhile, the percentage of passive funds that cut their fees jumped to 32%32 \% in 2021 from 21% in 2020. 報告年度費用降低的主動型基金比例從 2020 年的 39%39 \% 增加到 2021 年的 51%51 \% 。與此同時，降低費用的被動基金比例則從 2020 年的 21% 跳升至 2021 年的 32%32 \% 。
Exhibit 6A Active Funds Have Been More Likely to Cut Fees in Recent Years 圖表 6A 主動型基金近年較可能降低費用
Source: Morningstar Direct. Data as of Dec. 31, 2021. 資料來源：Morningstar Direct。資料截至 2021 年 12 月 31 日。
Exhibit 6B Passive Funds Have Been Less Likely to Cut Fees in Recent Years 圖表 6B 被動型基金近年較少降低費用
Source: Morningstar Direct. Data as of Dec. 31, 2021. 資料來源：Morningstar Direct。資料截至 2021 年 12 月 31 日。
Asset Flows Favor Lower-Cost Funds and Share Classes 資產流向偏好低成本基金與股票類別
Morningstar research has demonstrated that fees are a reliable predictor of future returns. Low-cost funds generally have greater odds of surviving and outperforming their more-expensive peers. Morningstar 研究顯示，費用是預測未來回報的可靠指標。一般而言，低成本基金有較大機會存活下來，並優於較昂貴的同業。
Since 2000, net flows into funds and share classes charging fees that rank within the cheapest 20%20 \% of their Morningstar Category group have trended higher. In 2021, these funds saw net inflows of $1.05\$ 1.05 trillion. 自 2000 年以來，流向收取晨星類別組別中最便宜 20%20 \% 費用的基金和股份類別的淨流量呈上升趨勢。在 2021 年，這些基金的淨流入為 $1.05\$ 1.05 兆美元。
Flows for the remaining 80%80 \% of funds have been negative in eight of the past 10 years. In 2021, these funds amassed $57 billion in collective inflows - their first year of collective inflows since 2013. 在過去 10 年中，其餘的 80%80 \% 基金有 8 年的流動資金為負數。2021 年，這些基金集體流入 570 億美元，這是自 2013 年以來首次出現集體流入。
Exhibit 7 Investors Have Long Favored Low-Cost Funds and Recently Rejected More Costly Ones 圖表 7 投資者長期偏好低成本基金，近期卻拒絕成本較高的基金
Source: Morningstar Direct. Data as of Dec. 31, 2021. 資料來源：Morningstar Direct。資料截至 2021 年 12 月 31 日。
Expensive active funds have been the epicenter of outflows. During each of the past eight years, the most expensive 80%80 \% of active funds has accounted for all of the net outflows across all funds. 昂貴的主動型基金一直是資金流出的中心。在過去八年中，主動型基金中最昂貴的 80%80 \% 佔了所有基金淨流出的全部。
Exhibit 8 Pricey Active Funds Are the Epicenter of Outflows 圖表 8 昂貴的主動型基金是資金外流的中心
Source: Morningstar Direct. Data as of Dec. 31, 2021. 資料來源：Morningstar Direct。資料截至 2021 年 12 月 31 日。
Of the $1.05\$ 1.05 trillion that flowed into the cheapest 20% of all funds and share classes in 2021, the majority of it went into the cheapest of the cheap. In 2021,62%2021,62 \% of net new money flowed into the least costly 5%5 \% of all funds. 在2021年流入所有基金和股份類別中最便宜的20%的 $1.05\$ 1.05 萬億美元中，大部分流入了最便宜的便宜基金。在 2021,62%2021,62 \% 的淨新增資金流入所有基金中成本最低的 5%5 \% 。
Exhibit 9 Investors Are Pouring Into the Cheapest of the Cheap 圖表 9 投資者湧入最便宜的市場
Source: Morningstar Direct. Data as of Dec. 31, 2021. 資料來源：Morningstar Direct。資料截至 2021 年 12 月 31 日。
Cheap funds have gotten significantly cheaper. Over the past 15 years, the line that separates the cheapest 10%10 \% of all funds from the rest has fallen nearly 46%46 \%. Meanwhile, fees for the most expensive funds remain stubbornly high. The dividing line between the priciest 10%10 \% of funds and the rest has come down just shy of 18%18 \% since 2006. Among U.S. stock funds, the border separating the cheapest from the rest has fallen the furthest among large-, mid-, and small-blend funds. These are categories that have seen the greatest impact from low-cost index funds and ETFs. 便宜基金顯著變得更便宜了。過去 15 年來，所有基金中最便宜的 10%10 \% 與其他基金的分界線下降了近 46%46 \% 。與此同時，最昂貴基金的費用仍然居高不下。自 2006 年以來，最昂貴基金 10%10 \% 與其他基金的分界線已下降至 18%18 \% 。在美國股票基金中，大型、中型及小型混合基金中最便宜基金與其他基金的分界線下降得最遠。這些類別受到低成本指數基金和 ETF 的影響最大。
Exhibit 10 Cheap Funds Are Getting Cheaper; Expensive Ones Are Trying to Gain Ground 圖表 10 賤價基金愈來愈便宜，高價基金則試圖搶得先機
Exhibit 11 The Lines Between Cheap and Expensive Across the U.S. Equity Morningstar Style Box 圖表 11 美國股票 Morningstar 風格箱中便宜與昂貴的界線
Source: Morningstar Direct. Data as of Dec. 31, 2021. 資料來源：Morningstar Direct。資料截至 2021 年 12 月 31 日。
Because of these trends, most of investors’ money sits in lower-priced funds. At the end of 2021, 83%83 \% of all assets were invested in open-end mutual funds and ETFs that had fees that ranked among the leastexpensive 40%40 \% of their respective Morningstar Category groups. Meanwhile, just 6%6 \% of investors’ money was in the most expensive 40%40 \% of funds. 由於這些趨勢，大部分投資人的資金都放在價格較低的基金中。截至 2021 年底， 83%83 \% 的全部資產投資於開放式共同基金和 ETF，這些基金的費用在各自的晨星類別組別中屬於最便宜的 40%40 \% 。與此同時，僅有 6%6 \% 的投資人資金投資於最昂貴的 40%40 \% 基金。
Source: Morningstar Direct. Data as of Dec. 31, 2021. 資料來源：Morningstar Direct。資料截至 2021 年 12 月 31 日。
How Fund Fees Are Being Shaped by the Evolving Economics of Advice 基金費用如何受不斷演變的建議經濟學影響
The evolution of the economics of the advice business is shaping flows and, by extension, fees. As advisors move away from transaction-driven compensation models and toward fee-based ones, less costly funds and share classes, those that have fewer-if any - embedded advice and/or distribution costs, are seeing more flows. 諮詢業務的經濟學演進正在影響資金流量，進而影響費用。隨著顧問從以交易為導向的報酬模式轉向以收費為基礎的模式，成本較低的基金和股票類別，即那些內含建議和/或分銷成本較低的基金和股票類別，將獲得更多的流動資金。
In 2018, Morningstar introduced our service-fee arrangement attribute in our U.S. funds database. This attribute classifies funds based on their service-fee arrangements between asset managers, distributors, 2018 年，晨星在美國基金資料庫中推出服務費安排屬性。該屬性根據資產管理人、分銷商之間的服務費安排對基金進行分類、
advisors, and investors. It aims to help investors discern how they might be paying for advice - either directly to an advisor in the form of a fee or indirectly via the fees they pay for the funds they invest in. In practice, investors might be paying for advice via some combination of the two, but this classification of funds into unbundled, semibundled, and bundled buckets is a useful means of beginning to understand what investors are getting in return for the fund fees. 它的目的是幫助投資人分辨他們是如何支付建議費的 - 直接以費用形式支付給顧問，或間接透過他們所投資的基金支付。其目的在於協助投資人分辨他們可能如何支付建議費用 - 直接以費用形式支付給顧問，或間接透過他們所投資的基金支付費用。實際上，投資人可能是透過兩者的某種組合來支付建議費，但將基金分類為非捆綁式、半捆綁式及捆綁式基金，是一種有用的方法，可讓投資人開始瞭解基金費用的回報。
The definitions of these groups are as follows: 這些群組的定義如下：
Unbundled: An investor simply pays for investment management and fund operating expenses, and the fund and its advisor do not pay third parties who sell their funds to the public. Unbundled share classes reduce conflicts, but investors still need to ask if they are paying a reasonable amount for advice and for the services that their intermediary charges them directly. 非捆綁式：投資人只需支付投資管理及基金營運費用，基金及其顧問不需向向大眾銷售基金的第三方支付費用。非捆綁式股份類別可減少衝突，但投資人仍需詢問他們是否支付合理的建議費用，以及中介人直接向他們收取的服務費用。
Semibundled: The product charges no traditional distribution fees (or 12b-1 fees) or load-sharing but can have revenue sharing or subtransfer agency fees. Semibundled share classes could create some potential conflicts of interests that investors need to ask about. 半雙邊：該產品不收取傳統的分銷費用（或 12b-1 費用）或負載分攤，但可能有收益分攤或次轉讓代理費用。半捆綁式股份類別可能會造成一些潛在的利益衝突，投資人需要詢問清楚。
Bundled: These are traditional share classes, where the investor pays a load and a 12b-1 fee to the mutual fund, which in turn pays the intermediary. Bundled share classes are purely transactional, which can work well for sophisticated investors who have done their homework and wish to pay upfront commissions. Advice associated with these share classes may ultimately cost less. 捆綁式：這些是傳統的股份等級，投資人向共同基金支付負擔及 12b-1 費用，再由共同基金支付中介人。捆綁式股份類別純粹是交易性質，對於已做足功課、希望支付預付佣金的資深投資人而言，效果不錯。與這些股票類別相關的建議最終可能花費更少。
Exhibit 13 Service-Fee Arrangements 附表 13 服務費安排
Fee Type 費用類型
Unbundled 非捆綁式
Semibundled 半封閉
Bundled 捆綁式
Management Fee 管理費
✓\checkmark
(
✓\checkmark
Fund Operating Expenses 基金營運支出
✓\checkmark
,
✓\checkmark
Subtransfer Agency Fees 轉讓代理費
(
,
✓\checkmark
Revenue Sharing, Platform, or Other Access Fees 收入分享、平台或其他存取費用
(
,
(
Distribution Fees (12b-1) 分銷費用 (12b-1)
*
(
✓\checkmark
Loads and Commissions 負載和佣金
(
(
,
Transactions and other Operational Fees 交易及其他作業費用
(
8
✓\checkmark
Fees for Advice or Planning 諮詢或規劃費用
*
8
(8)
Fee Type Unbundled Semibundled Bundled
Management Fee ✓ ( ✓
Fund Operating Expenses ✓ , ✓
Subtransfer Agency Fees ( , ✓
Revenue Sharing, Platform, or Other Access Fees ( , (
Distribution Fees (12b-1) * ( ✓
Loads and Commissions ( ( ,
Transactions and other Operational Fees ( 8 ✓
Fees for Advice or Planning * 8 (8)| Fee Type | Unbundled | Semibundled | Bundled |
| :---: | :---: | :---: | :---: |
| Management Fee | $\checkmark$ | ( | $\checkmark$ |
| Fund Operating Expenses | $\checkmark$ | , | $\checkmark$ |
| Subtransfer Agency Fees | ( | , | $\checkmark$ |
| Revenue Sharing, Platform, or Other Access Fees | ( | , | ( |
| Distribution Fees (12b-1) | * | ( | $\checkmark$ |
| Loads and Commissions | ( | ( | , |
| Transactions and other Operational Fees | ( | 8 | $\checkmark$ |
| Fees for Advice or Planning | * | 8 | (8) |
Looking through the lens of Morningstar’s service-fee arrangement attribute, we can see that bundled share classes have been in outflows more often than not for over a decade, while semibundled and unbundled share classes have seen steady inflows. This corresponds to the shift away from transactiondriven advice models, which favor load shares, and toward fee-based ones. The result is that investment product costs are being displaced by advisor fees. 透過 Morningstar 的服務費安排屬性的鏡頭觀察，我們可以發現捆綁式股票類別在過去十多年來經常處於流出狀態，而半捆綁式和非捆綁式股票類別則有穩定的流入。這與交易驅動的建議模式（偏好負載型股票）轉向以費用為基礎的模式相對應。其結果是，投資產品成本正被顧問收費所取代。
Exhibit 14 Bundled Funds Have Seen Steady Outflows 附表 14 綑綁式基金出現穩定的資金流出
Source: Morningstar Direct. Data as of Dec. 31, 2021. 資料來源：Morningstar Direct。資料截至 2021 年 12 月 31 日。
Bundled funds and share classes have been a casualty of the move toward fee-based advice. These funds and share classes accounted for 43%43 \% of fund assets in 2001. At the end of 2021, their share had declined to 15%. 捆綁式基金和股票類別是邁向收費諮詢的犧牲品。2001 年，這些基金和股票類別佔基金資產的 43%43 \% 。到 2021 年底，其佔有率已下降至 15%。
Exhibit 15 Semibundled and Unbundled Funds and Share Classes Hold Most of Investors’ Money 附表 15 半捆綁及非捆綁基金與股份類別持有投資人的大部分資金
Source: Morningstar Direct. Data as of Dec. 31, 2021. 資料來源：Morningstar Direct。資料截至 2021 年 12 月 31 日。
Asset-weighted fees for bundled funds and share classes ticked higher through the 1990s and peaked in 2003. As of the end of 2021, they were modestly lower than they were three decades ago. Meanwhile, asset-weighted fees in the semibundled and unbundled cohorts have trended lower over the past 30 years. 綑綁式基金與股票類別的資產加權收費在 1990 年代一路走高，並於 2003 年達到高峰。截至 2021 年底，其資產加權費用略低於 30 年前的水平。與此同時，半捆綁式及非捆綁式基金的資產加權收費在過去 30 年間呈現下降趨勢。
The trend in equal-weighted fees across these three service-fee arrangement segments paints a very different picture. Equal-weighted average fees for both bundled and unbundled funds and share classes were higher at the end of 2021 than they were in 1991, while the average fee charged by semibundled funds ticked gradually lower. This highlights the variety of line items present in the bundled and semibundled cohorts’ expense ratios and how, in the case of many funds and share classes belonging to the semibundled group, they have been gradually stripped out or reduced. 這三種服務費安排環節的等權加權收費趨勢描繪出一幅截然不同的圖畫。綑綁式基金與非綑綁式基金及股份等級的等權平 均費用在2021年底均高於1991年，而半綑綁式基金收取的平均費用則逐漸下降。這突顯了捆綁和半捆綁基金組別的開支比率中存在的各種細列項目，以及就屬於半捆綁組別的許多基金和股份類別而言，這些細列項目是如何逐漸被剔除或減少的。
Exhibit 16 Asset-Weighted Average Fees by Service-Fee Arrangement 附表 16 按服務費安排劃分的資產加權平均費用
Source: Morningstar Direct. Data as of Dec. 31, 2021. 資料來源：Morningstar Direct。資料截至 2021 年 12 月 31 日。
Exhibit 17 Equal-Weighted Average Fees by Service-Fee Arrangement 附表 17 按服務費安排劃分的等加權平均費用
Source: Morningstar Direct. Data as of Dec. 31, 2021. 資料來源：Morningstar Direct。資料截至 2021 年 12 月 31 日。
Investors in Sustainable Funds Are Paying a "Greenium" 永續基金的投資人正在支付「綠金
Investors in sustainable funds are paying a “greenium” relative to investors in conventional funds. This is evidenced by these funds’ higher asset-weighted average expense ratio, which stood at 0.55%0.55 \% at the end of 2021 versus 0.39%0.39 \% for their traditional peers. That said, sustainable funds’ fees have been falling on both an equal- and asset-weighted basis. Over the past decade, the average fee charged by sustainable funds has fallen 35%35 \%, while the average fee paid by investors in these funds has dropped 48%. This has been driven in large part by the introduction of a large number of low-fee sustainable index mutual funds and ETFs to the menu, many of which have gained favor with investors. 相對於傳統基金的投資者，可持續基金的投資者需要支付「綠金」。這從這些基金較高的資產加權平均開支比率可見一斑，2021 年底的開支比率為 0.55%0.55 \% ，而傳統同業的開支比率則為 0.39%0.39 \% 。儘管如此，永續基金的費用在等權及資產加權基 礎上均持續下降。過去十年來，永續基金收取的平均費用下降了 35%35 \% ，而這些基金的投資人支付的平均費用則下降了48%。這在很大程度上是由於大量低收費的永續指數共同基金和 ETF 的推出，其中許多已獲得投資人的青睞。
Exhibit 18 ESG Intentional Funds’ Fees Have Been Putting More Green Back in Investors’ Wallets 附表 18 ESG Intentional Funds 的費用讓投資人的荷包有更多綠色回報
Source: Morningstar Direct. Data as of Dec. 31, 2021 資料來源：Morningstar Direct。資料截至 2021 年 12 月 31 日
Strategic Beta, an Attempt to Marry the Best of Both Worlds 策略性 Beta，兩全其美的嘗試
Strategic-beta funds attempt to marry the best attributes of active and passive approaches to portfolio construction. The indexes that underpin these funds attempt to codify strategies similar to those plied by active managers and deliver them in a format that is more transparent and less costly relative to most traditional actively managed funds. 策略性指數基金嘗試結合主動與被動投資組合的最佳特質。這些基金所依據的指數嘗試編纂與主動型基金經理類似的策略，並以比大多數傳統主動型基金更透明、成本更低的方式提供。
Out of 973 strategic-beta funds and share classes in Morningstar’s database, 800 had Broad Fee Level Group rankings as of the end of 2021, and 72%72 \% of those 800 carried fees that ranked within the bottom quintile relative to their Morningstar Category Group peers. At 0.17%0.17 \%, these funds’ asset-weighted average fee is significantly lower relative to active funds but reflects a premium versus their peers tracking more-traditional indexes. That said, this premium has narrowed in recent years as fee competition has spilled over from the realm of traditional index funds into strategic-beta ones and investors have continued to allocate the bulk of their assets to the least costly options. 在Morningstar資料庫的973隻策略性beta基金及股份類別中，有800隻在2021年底擁有廣泛收費水平組別排名，而 72%72 \% 這800隻基金的收費與Morningstar類別組別的同業相比，屬於最低的五分之一。在 0.17%0.17 \% 中，這些基金的資產加權平均費用遠低於主動型基金，但與追蹤較傳統指數的同業相比，則反映溢價。儘管如此，由於近年來收費競爭已從傳統指數基金蔓延至策略性基準型基金，且投資人持續將大部分資產配置於成本最低的選擇，因此溢價已有所收窄。
Exhibit 19 Strategic-Beta Funds Offer a Cheaper Alternative to Active Management 圖表 19 策略性-基準型基金提供主動式管理以外更便宜的選擇
Source: Morningstar Direct. Data as of Dec. 31, 2021. 資料來源：Morningstar Direct。資料截至 2021 年 12 月 31 日。
Vanguard Is Still the Low-Cost Leader Vanguard 仍是低成本領導者
Among the ranks of the largest asset managers, Vanguard continues to own the low-cost crown. In 2021, the firm’s asset-weighted expense ratio was 0.08%0.08 \%, down from 0.11%0.11 \% in 2016. Vanguard was followed by State Street Global Advisors (0.12%) BlackRock/iShares (0.25%), and Dimensional Fund Advisors (0.25%)(0.25 \%). Vanguard’s competition continued to gain ground in 2021. While the firm remains the overall low-cost leader, its competitors have either matched or undercut the firm’s fees for certain broad market-cap-weighted index funds. As these firms have jockeyed for position, investors have come out in front, benefiting from an ever-wider menu of ever-cheaper options offering wide market exposure. 在最大的資產管理公司行列中，Vanguard 繼續擁有低成本的桂冠。2021 年，該公司的資產加權開支比率為 0.08%0.08 \% ，低於 2016 年的 0.11%0.11 \% 。Vanguard 之後是 State Street Global Advisors (0.12%)、BlackRock/iShares (0.25%) 和 Dimensional Fund Advisors (0.25%)(0.25 \%) 。2021 年，Vanguard 的競爭對手繼續佔據優勢。儘管該公司仍是整體低成本的領導者，但其競爭對手在某些大市值加權指數基金的收費上，已與該公司不相伯仲，甚至低於該公司。隨著這些公司爭奪位置，投資者已走在前面，受益於提供廣泛市場風險的越來越便宜的選擇。
Exhibit 20 Fee Competition Among the Largest Asset Managers Is Intense 圖表 20 最大資產管理公司之間的費用競爭非常激烈
Source: Morningstar Direct. Data as of Dec. 31, 2021. 資料來源：Morningstar Direct。資料截至 2021 年 12 月 31 日。
Exhibit 24 Annual Percent Change in Asset-Weighted Average Fees by Morningstar Category Across Active and Passive Funds 圖表 24 按晨星類別劃分的主動型與被動型基金資產加權平均費用年度變動百分比
Change in Asset-Weighted Average Fees (%) 資產加權平均費用變動 (%)
Source: Morningstar Direct. Data as of Dec. 31, 2021. 資料來源：Morningstar Direct。資料截至 2021 年 12 月 31 日。
Exhibit 28 Annual Percent Change in Equal-Weighted Average Fees by Morningstar Category Across Active and Passive Funds 附表 28 按 Morningstar 類別劃分的主動型與被動型基金等加權平均費用的年度變動百分比
Change in Equal-Weighted Average Fees (%) 等權平均費用變動 (%)
Exhibit 34 Asset- and Equal-Weighted Average Fees Among ESG-Intentional Funds by Morningstar Category 附表 34 按 Morningstar 類別劃分的 ESG-Intentional 基金的資產與等加權平均費用
Source: Morningstar Direct. Data as of Dec. 31, 2021 資料來源：Morningstar Direct。資料截至 2021 年 12 月 31 日
About Morningstar Manager Research 關於 Morningstar 經理人研究
Morningstar’s global manager research team conducts objective, qualitative analysis of managed investment strategies such as mutual funds and exchange-traded funds. Manager research analysts express their views through the Morningstar Analyst Rating, which takes the form of Gold, Silver, Bronze, Neutral, or Negative. The analysts arrive at a strategy’s Analyst Rating by assessing key areas including its management team and supporting resources (People Pillar), its investment approach and rationale (Process Pillar), and the investment organization backing the strategy concerned (Parent Pillar). The analysts juxtapose those assessments with the strategy’s cost in arriving at a final Analyst Rating, which expresses their conviction in the strategy’s ability to outperform a relevant benchmark index or category peers over a market cycle, adjusted for risk. The Morningstar Analyst Rating methodology is forward-looking in nature and applied consistently across geographies and markets. (The Analyst Rating is an opinion, not a statement of fact, and is not intended to be nor is a guarantee of future performance.) Morningstar 的全球基金經理研究團隊對共同基金和交易所買賣基金等管理投資策略進行客觀的定性分析。基金經理研究分析師透過 Morningstar 分析師評級（Morningstar Analyst Rating）來表達他們的觀點，評級形式包括金、銀、銅、中性或負面。分析師透過評估主要領域，包括管理團隊及支援資源（人員支柱）、投資方法及理據（流程支柱），以及支持相關策略的投資機構（母公司支柱），得出策略的分析師評級。分析師將這些評估與策略的成本並列，以得出最終的分析師評級（Analyst Rating），該評級表達了分析師對該策略在市場週期內跑贏相關基準指數或同類投資對手的能力（經風險調整）的信心。Morningstar 分析師評級方法具有前瞻性，並在不同地區和市場一致應用。(分析師評級是一種意見，而非事實陳述，無意也不保證未來表現）。
About Morningstar Manager Research Services 關於 Morningstar 經理人研究服務
Morningstar Manager Research Services combines the firm’s fund research reports, ratings, software, tools, and proprietary data with access to Morningstar’s manager research analysts. It complements internal due-diligence functions for institutions such as banks, wealth managers, insurers, sovereign wealth funds, pensions, endowments, and foundations. Morningstar’s manager research analysts are employed by various wholly owned subsidiaries of Morningstar, Inc. including but not limited to Morningstar Research Services LLC (USA), Morningstar UK Ltd, and Morningstar Australasia Pty Ltd. Morningstar 經理人研究服務結合了公司的基金研究報告、評級、軟體、工具和專有資料，以及與 Morningstar 經理人研究分析師的聯繫。該服務補充銀行、財富經理、保險公司、主權財富基金、退休金、贊助基金及基金會等機構的內部盡職審查功能。Morningstar的基金經理研究分析員受僱於Morningstar, Inc.的多家全資附屬公司，包括但不限於Morningstar Research Services LLC (美國)、Morningstar UK Ltd及Morningstar Australasia Pty Ltd。
