Our sample contains a total of 1301 open-end, no-load . domestic equity mutual funds, which include actively managed funds, index funds, sector funds, and ETFs (exchange traded funds). Monthly net returns, as well as annual turnover and expense ratios for the funds, are obtained from the Center for Research in Security Prices (CRSP) mutual fund database over the sample period January 1975–December 2002. Additional data on fund investment objectives are obtained from the Thomson/CDA Spectrum files. In Appendix A, we provide both the process for determining whether a fund is a domestic equity fund as well as a description of the characteristics of our investable equity funds
