The European Securities and Markets Authority (ESMA) is launching a data collection exercise with national competent authorities (NCAs) to gather information on costs associated with investments in Alternative Investment Funds (AIFs) and Undertakings for Collective Investment in Transferable Securities (UCITS). This initiative aims to increase transparency in the EU financial markets, particularly in the area of pricing practices. The data collection will be conducted in two stages, involving both manufacturers and distributors of investment funds. Manufacturers will provide information on the costs charged for managing investment funds, while distributors will provide data on fees paid directly by investors. This information will help retail investors and supervisory authorities better understand the features of investment products and support a competitive market for UCITS and AIFs. The data collection follows a Level 1 mandate received from the European Commission under the UCITSD/AIFMD review. A report based on the collected data will be submitted to the European Parliament, the Council, and the European Commission in October 2025. The report will also be part of an enhanced 2025 ESMA market report on costs and performance of EU retail investment products. The initiative is expected to contribute to a more transparent and competitive market for investment funds. The data collection exercise is a significant step towards providing retail investors with more information about the investment products available to them.