Four mutual funds were the first to submit XBRL-formatted risk/return summaries to the Securities and Exchange Commission on Tuesday. They are the Allegiant Advantage Fund, American Funds’ Europacific Growth Fund, the Muhlenkamp Fund and the Vanguard 500 Index Fund.Eric Falkeis, vice president of fund administration at U.S. Bancorp Fund Services, which prepared the XBRL report for Muhlenkamp Fund, told Wall Street & Technology that the four benefits of the new technology are: transparent data, more accurate reports by fund research and consulting companies that turn to the database for information, faster creation of mutual fund reports and greater trust among investors.

Falkeis also said the XBRL reports are not difficult to produce. His company used the QuickTag system from Confluence.

SEC Chairman Christopher Cox said, “Millions of retail investors rely on mutual funds to finance their retirement, healthcare, education and other financial needs, so shopping for the right fund shouldn’t be a needlessly time-consuming and frustrating exercise.

“When most mutual funds provide their risk/return summary information using dynamic data that’s searchable and comparable on the Web, investors will be able to comparison shop among thousands of funds at the click of the mouse,” Cox added. “This is a potentially rich new source of investing information for retail investors who need it most."

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