A share class is one version of a fund. Every class of a fund owns the same portfolio, but each has its own ticker, expense ratio, sales charges and purchase rules.
An example from the filings
Vanguard 500 Index Fund has four share classes with tickers in the SEC's records. Their expense ratios, from the fund's prospectus:
| Class | Ticker | Expense ratio |
|---|---|---|
| Institutional Select | VFFSX | 0.01% |
| ETF | VOO | 0.03% |
| Admiral | VFIAX | 0.04% |
| Investor | VFINX | 0.14% |
The figures above are from the prospectus data behind each linked page. Because the classes share one portfolio, the fund reports its holdings and net assets once for all of them on Form N-PORT. FundVersus shows that shared figure on each class's page.
Why classes exist
Classes let one fund serve different buyers: institutions with large minimums, retail investors, retirement plans, and investors who buy through advisers and pay a sales load. Class letters vary by company, so read the fee table rather than the letter.
How FundVersus handles them
Every class with a ticker gets its own page with a share classes table. Rankings and category lists count one class per fund, so a fund with many classes does not crowd a list. Retirement and 529 classes have pages but are not listed for search engines. See VOO vs VFIAX for two classes of the same fund compared.