Three Steps Forward
Morningstar's Paul Ellenbogen believes that mutual fund (and exchange-traded fund) expense reports could stand some improving.
In fairness, the current format for displaying expense data isn't bad. Over the past two decades, the SEC has improved fund disclosure by requiring that expense ratios be translated into dollar amounts, for hypothetical accounts. In addition, while prospectuses paint the cost picture only with broad strokes, fund shareholder reports offer detail for those willing to do the work.