The chart shows what happens to USD1,000 invested monthly versus a lump sum investment of USD12,000. After a year, the total amount invested is the same, but the total shares purchased and the cumulative value are higher for monthly regular investment (dollar cost averaging). Average cost per share for dollar cost averaging is cheaper than lump sum investment (USD0.90 versus USD1.00) in this hypothetical example. Please note that dollar cost averaging may not always outperform lump sum investment.