AIWEX Fees and Costs — World Energy Fund, Institutional Shares
Data updated: 2026-07-27
The net expense ratio is 0.91%: a 0.60% management fee plus 0.58% other expenses, less a 0.28% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $307K in broker commissions, 0.2773% of average net assets, and portfolio turnover was 175%.
AIWEX Fees and Expenses
Annual operating expenses and sales charges of AIWEX. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | — |
| Other expenses | 0.58% |
| Gross expense ratio | 1.19% |
| Fee waiver | −0.28% |
| Net expense ratio | 0.91% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
AIWEX Costs Over Time
On $10,000 invested in AIWEX, assuming 5% a year before costs, total costs come to $740 over 5 years, cutting the return by 1.25% 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 0.91%) | $96 | $298 | $515 |
| Trading costs (broker commissions) | $29 | $91 | $157 |
| Lost growth on money paid in costs | $0 | $19 | $68 |
| Total costs | $125 | $407 | $740 |
| Value after costs | $10,375 | $11,169 | $12,023 |
| Impact on return, per year | 1.25% | 1.25% | 1.25% |
AIWEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.2773%
- Total broker commissions: $307K
- Bought from dealers (principal trades, not a cost): $124.1M
- Portfolio turnover (prospectus): 175%
- Securities lending: none during the year
AIWEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Tudor, Pickering, Holt & Co. Securities LLC | $34K | 13.83% |
| Piper Sandler & Co. | $30K | 12.22% |
| Stifel, Nicolaus & Company, Incorporated | $29K | 11.77% |
| Raymond James & Associates, Inc. | $28K | 11.36% |
| Goldman Sachs & Co. LLC | $26K | 10.35% |
| Robert W. Baird & Co. Incorporated | $24K | 9.72% |
| Strategas Securities, LLC | $22K | 8.98% |
| J.P. Morgan Securities LLC | $21K | 8.32% |
| Virtu Americas LLC | $18K | 7.09% |
| Jefferies LLC | $16K | 6.34% |
AIWEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOK Financial Securities, Inc. | $122.1M | 98.34% |
| J.P. Morgan Securities LLC | $981K | 0.79% |
| Susquehanna Securities | $691K | 0.56% |
| BofA Securities, Inc. | $395K | 0.32% |
World Energy Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| AIWEX | Institutional Shares | 0.91% | none |
| AAWEX | A Shares | 1.16% | 2.00% |
| APWEX | Investor Shares | 1.16% | none |
| ACWEX | C Shares | 1.91% | none |
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.