Mutual Fund Quote
A Morningstar-style mutual fund quote with SEC-required disclosures, precise number formatting, and conditional risk warnings.
AIPC Contract
{
"aipc_version": "0.1.0",
"provider": {
"id": "morningstar",
"name": "Morningstar, Inc.",
"authority": "SEC-registered investment adviser",
"contract_version": "2026-02-01",
"contact": "api-compliance@morningstar.com",
"terms_url": "https://morningstar.com/api-terms"
},
"contract": {
"disclosures": [
{
"id": "past-performance",
"text": "Past performance is not indicative of future results.",
"verbatim": true,
"scope": [
"payload.returns.*"
],
"placement": "adjacent",
"priority": "required",
"language": "en",
"translations": {
"es": "El rendimiento pasado no es indicativo de resultados futuros.",
"fr": "Les performances passées ne préjugent pas des performances futures."
}
},
{
"id": "expense-note",
"text": "Returns shown are before taxes and after fund expenses.",
"verbatim": true,
"scope": [
"payload.returns.*"
],
"placement": "after",
"priority": "required"
},
{
"id": "data-delay",
"text": "Market data delayed by at least 15 minutes.",
"verbatim": true,
"scope": [
"payload.price",
"payload.volume"
],
"placement": "before",
"priority": "required"
}
],
"display_rules": [
{
"scope": [
"payload.returns.*"
],
"label": {
"text": "Total Return",
"verbatim": true
},
"format": {
"type": "percentage",
"precision": 2,
"rounding": "half-even",
"sign": "always"
},
"context_required": [
"payload.returns.period",
"payload.returns.as_of_date"
],
"never_show_without": [
"disclosures.past-performance"
]
},
{
"scope": [
"payload.price.current"
],
"label": {
"text": "Last Price",
"verbatim": false,
"alternatives": [
"Current Price",
"Last Traded Price"
]
},
"format": {
"type": "currency",
"currency_field": "payload.price.currency",
"precision": 2
}
},
{
"scope": [
"payload.fund_info.expense_ratio"
],
"label": {
"text": "Expense Ratio",
"verbatim": true
},
"format": {
"type": "percentage",
"precision": 2,
"sign": "negative-only"
}
}
],
"attribution": {
"required": true,
"text": "Data provided by Morningstar, Inc.",
"verbatim": true,
"placement": "global",
"link": {
"url": "https://morningstar.com",
"display": "when_possible"
},
"modality_overrides": {
"voice": {
"text": "according to Morningstar",
"placement": "inline"
}
}
},
"freshness": {
"generated_at": "2030-01-01T14:30:00Z",
"valid_until": "2030-12-31T23:59:00Z",
"stale_behavior": "warn",
"stale_warning": "This data may be outdated. Last updated: {generated_at}.",
"expired_behavior": "suppress"
},
"tone": {
"framing": "neutral",
"prohibited_framings": [
"recommendation",
"advice",
"prediction"
],
"prohibited_phrases": [
"you should buy",
"this is a good investment",
"guaranteed returns",
"risk-free"
],
"editorial_restrictions": {
"no_superlatives": true,
"no_urgency_language": true,
"no_personalized_advice": true
}
},
"conditional_rules": [
{
"id": "high-risk-disclosure",
"condition": {
"field": "payload.fund_info.risk_rating",
"operator": "gte",
"value": 4
},
"then": {
"add_disclosure": {
"id": "high-risk-warning",
"text": "This fund has an above-average risk rating. It may not be suitable for conservative investors.",
"verbatim": true,
"scope": [
"payload.fund_info"
],
"placement": "before",
"priority": "required"
}
}
}
],
"fail_behavior": "suppress",
"minimum_compliance_level": "L2"
},
"payload": {
"ticker": "VFIAX",
"name": "Vanguard 500 Index Fund Admiral Shares",
"price": {
"current": 423.17,
"currency": "USD",
"as_of": "2026-02-16T13:30:00Z"
},
"returns": {
"ytd": 0.0312,
"1yr": 0.1247,
"3yr": 0.0891,
"5yr": 0.1103,
"10yr": 0.1298,
"period": "annualized",
"as_of_date": "2026-01-31"
},
"fund_info": {
"expense_ratio": 0.0004,
"category": "Large Blend",
"risk_rating": 3,
"inception_date": "2000-11-13"
}
}
}Compliant AI Output
Data provided by Morningstar, Inc. Market data delayed by at least 15 minutes. Vanguard 500 Index Fund Admiral Shares (VFIAX) is currently priced at $423.17 USD. The fund falls in the Large Blend category with an Expense Ratio of 0.04%. Annualized returns as of January 31, 2026: YTD: +3.12% | 1-Year: +12.47% | 3-Year: +8.91% 5-Year: +11.03% | 10-Year: +12.98% Past performance is not indicative of future results. Returns shown are before taxes and after fund expenses.
Without AIPC: What Goes Wrong
VFIAX has been on a great run lately, returning a whopping 12.5% this year! At $423, it's a steal for anyone looking to invest. The fund is low-risk and has consistently beaten the market. You should definitely consider adding this to your portfolio.
Contract Annotations
Three required disclosures: the SEC-mandated past-performance disclaimer (verbatim), an expense context note, and a data delay notice. All are marked "required" — the AI must include them or suppress the data entirely.
Returns must be formatted as percentages with 2 decimal places and always-show sign (+12.47%, not 12.47%). Prices use currency formatting with the symbol derived from payload.price.currency. Returns can never be shown without the past-performance disclosure.
The AI is prohibited from framing data as advice, recommendations, or predictions. Phrases like "you should buy" or "guaranteed returns" are explicitly banned. Superlatives ("best", "incredible") and urgency language ("act now", "don't miss") are blocked.
If the fund's risk_rating is 4 or above, an additional high-risk disclosure is dynamically injected. This rule did not trigger for VFIAX (risk_rating: 3), but it would for more aggressive funds.
The data expires 15 minutes after generation. After that, a staleness warning appears. If the runtime detects the data is fully expired, it must suppress the entire response rather than show stale prices.
Set to "suppress" — if the AI runtime cannot satisfy any required contract element (e.g., it cannot display the past-performance disclaimer), it must withhold the data entirely rather than present it non-compliantly.
Regulatory Context
Requires past-performance disclaimers on investment advertisements and communications with the public. The verbatim disclosure satisfies this requirement.
Prohibits presenting information in a way that constitutes personalized investment advice without proper registration. The tone restrictions prevent the AI from crossing this line.
Requires that communications present a fair and balanced view. The no_superlatives and no_urgency_language restrictions enforce this.