ACEFX Fees and Costs — Absolute CEF Opportunities, Institutional Class Shares
Data updated: 2026-08-25
The net expense ratio is 8.06% (10.51% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $59K in broker commissions, 0.8628% of average net assets, and portfolio turnover was 389%.
ACEFX Fees and Expenses
Annual operating expenses and sales charges of ACEFX. Prospectus, as of August 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.40% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 10.51% |
| Fee waiver | −2.45% |
| Net expense ratio | 8.06% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
ACEFX Costs Over Time
On $10,000 invested in ACEFX, assuming 5% a year before costs, total costs come to $4,765 over 5 years, cutting the return by 9.37% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 8.06%) | $846 | $2,430 | $3,878 |
| Trading costs (broker commissions) | $91 | $260 | $415 |
| Lost growth on money paid in costs | $0 | $141 | $472 |
| Total costs | $937 | $2,831 | $4,765 |
| Value after costs | $9,563 | $8,746 | $7,998 |
| Impact on return, per year | 9.37% | 9.37% | 9.37% |
ACEFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.8628%
- Total broker commissions: $59K
- Bought from dealers (principal trades, not a cost): $692K
- Portfolio turnover (prospectus): 389%
- Securities lending: none during the year
ACEFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| WALLACHBETH CAPITAL LLC | $57K | 96.82% |
| MISCHLER FINANCIAL GROUP | $2K | 3.18% |
ACEFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| US BANCORP INVESTMENTS INC | $663K | 95.71% |
| WALLACHBETH CAPITAL LLC | $20K | 2.89% |
| WELLS FARGO SECURITIES LLC | $10K | 1.40% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.