In this Article, we examine the content and compliance of mutual fund summary prospectuses. Fund disclosures are subject to `plain English' requirements promising to make disclosures accessible to ordinary investors and level the investment playing field. Despite recent SEC regulations intending...

Scholars have roundly criticized disclosure as a regulatory regime over the past decade for good reason. Disclosures—whether describing the terms of a loan or the risks of investing—purport to inform consumers. But who actually reads disclosures? We argue that mutual fund disclosures are...