Capital One Investing℠ receives revenue sharing payments from mutual fund families and their distributors, based on the amount of these funds sold by Capital One Investing and/or held through Capital One Investing by its customers. These revenue sharing payments are in addition to the sales charges, 12b-1 fees and other fees and expenses paid by customers or the funds and disclosed in the fund's prospectus fee table. Revenue sharing payments give Capital One Investing a financial incentive to sell certain mutual funds, and therefore create a conflict of interest that you should consider in making your investment decisions regarding such funds.
Additionally, Capital One Investing's clearing firm, Pershing, may receive servicing fees from funds that participate in its no-transaction fee mutual fund program, in lieu of clearing transaction charges assessed to Capital One Investing. Capital One Investing shares with Pershing in such fees for providing shareholder services. These fees may be considered revenue sharing and are a significant source of revenue for Pershing and Capital One Investing. These fees are paid in accordance with an asset-based formula.
The amount of compensation that Capital One Investing receives varies depending on the mutual fund purchased and the particular share class purchased, as mutual funds (and share classes) are priced differently. For additional information and potential conflicts of interest arising from such activities and other activities of Capital One Investing affiliates, see the fund prospectus and corresponding statement of additional information for each fund. You should carefully review these materials and consult with your financial advisor if you have any questions.