For US SEC-registered mutual funds and exchange-traded funds, Morningstar draws on a combination of authoritative regulatory filings and proprietary data sources to deliver timely, complete, and actionable insights.
SEC filings serve as the foundation for a fund’s official disclosures, such as investment objectives, strategies, fees and expenses, risk factors, and reported portfolio holdings.
Building on this foundation, Morningstar incorporates proprietary data sourced directly from asset managers as well as from transfer agents, administrators, custodians, and market pricing feeds. These proprietary inputs enable more current, higher-frequency coverage, including daily performance and NAVs, assets under management, cash flows, portfolio holdings, share class details, and other interim updates between filing periods.
All data, whether derived from regulatory filings or proprietary sources, is subject to validation, reconciliation, and quality control processes.