Back-loads, or deferred loads, can sometimes offer the investor an advantage, but you need to pay attention to the fine print in the fund's prospectus to see if this applies to the mutual fund you're evaluating.
Deferred load Future sales charge that fund may charge as a fee at time of redemption (investor exit). Common in traditional mutual funds, rare in ETFs.
There are front end loads, back end loads, deferred loads and declining loads.
Sales charge paid when selling a mutual fund - also known as deferred load. (For instance, alimony can be said to be a back-end load)
Balance Sheet ...
Morningstar adjusts the deferred load accordingly when making this calculation. For funds that lack a 10-year history, Morningstar provides an annualized (not cumulative) load-adjusted return figure for the period since the fund's inception.
Back-End Load: sales charge paid when selling a mutual fund (a.k.a. deferred load).
 See also: Load, Close, Shares, Sales, Fund
  
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