The easiest way to make our risk board look finished would be to delete the word UNRATED.
Nobody would complain. Every fund would carry a tier. The product would look more complete than it actually is.
What UNRATED means
It does not mean we have no data on the fund. We have its price history.
It means that for that particular fund we do not have a measurement we would stand behind. The history may be too short. It may have gaps. The fund may behave in a way that makes the statistic unreliable rather than merely uncomfortable.
Why the honest option is the harder one
You cannot tell a tier we do not trust from one we do. That is the whole problem with publishing one. There is no visual difference between a number we are confident in and a number we produced to fill an empty cell, which means the reader has no way to tell them apart.
So we publish the gap instead, and we label it.
What to do when you see it
Read UNRATED as “not measured here”. Not as risky, and not as safe. It is a statement about our coverage, not about the fund.
If the fund matters to you, its price history is still on the site and you can look at the movement directly.
We would rather show you a hole than paper over it.