The Cost Transparency Study has been jointly commissioned by AREF and INREV.  Cost transparency is an important issue and this study aims to provide a better understanding of the composition and calculation of selected fee and expense metrics for non-listed vehicles and listed vehicles, with a focus on total expense ratios (TERs).  It is hoped that the findings will increase the information flow in this area and provide greater clarity and transparency for market participants.  The consultation process will start early in 2017.