ACROX Fees and Costs — ACR Opportunity Fund, Class I
Data updated: 2026-07-28
The net expense ratio is 1.25%: a 1.00% management fee plus 0.43% other expenses, less a 0.18% fee waiver. This share class carries a redemption fee of 2.00%. In fiscal 2025 the fund paid $24K in broker commissions, 0.0286% of average net assets, and portfolio turnover was 24%.
ACROX Fees and Expenses
Annual operating expenses and sales charges of ACROX. Prospectus, as of November 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.43% |
| Gross expense ratio | 1.43% |
| Fee waiver | −0.18% |
| Net expense ratio | 1.25% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 2.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
ACROX Costs Over Time
On $10,000 invested in ACROX, assuming 5% a year before costs, total costs come to $795 over 5 years, cutting the return by 1.34% 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 1.25%) | $131 | $408 | $706 |
| Trading costs (broker commissions) | $3 | $9 | $16 |
| Lost growth on money paid in costs | $0 | $21 | $73 |
| Total costs | $134 | $438 | $795 |
| Value after costs | $10,366 | $11,138 | $11,967 |
| Impact on return, per year | 1.34% | 1.34% | 1.34% |
ACROX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0286%
- Total broker commissions: $24K
- Bought from dealers (principal trades, not a cost): $31.1M
- Portfolio turnover (prospectus): 24%
- Securities lending: none during the year
ACROX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $16K | 65.07% |
| JONESTRADING INSTITUTIONAL SERVICES LLC | $3K | 14.08% |
| SANFORD C. BERNSTEIN & CO., LLC | $3K | 13.40% |
| RBC CAPITAL MARKETS, LLC | $1K | 4.67% |
| BMO CAPITAL MARKETS CORP. | $649 | 2.66% |
| BROWN ADVISORY SEC | $30 | 0.12% |
ACROX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BROWN BROTHERS HARRIMAN & CO. | $13.3M | 42.76% |
| CITADEL SECURITIES LLC | $8.9M | 28.63% |
| CITIGROUP GLOBAL MARKETS INC. | $5.0M | 15.93% |
| STONEX FINANCIAL, INC. | $3.9M | 12.68% |
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.