January 10, 2020

Some of your products enjoy high market share and are very widely used by

We’re very transparent in terms of the methodologies we have in place for products like fund ratings--including the Morningstar RatingTM (stars), Morningstar Analyst RatingTM for funds (medals), Morningstar Sustainability RatingTM for funds (globes), and we’ve written extensively about how investors should use the various ratings. In addition, since these are licensed products, the agreements we have with our clients also contain specific instructions for how product and data sets should be used, attributed, and displayed, and provide us with contractual protections against misuse.

We can only review materials using these licensed products that are sent to us, and we do not (and cannot) systematically review every use of the star rating or other data across every channel. When we come across incorrect uses of the star rating or other data, whether it was because a firm submitted the use to us or not, we notify the firm of the problem and require that they correct it for future uses.

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