AMAX Fees and Costs — Adaptive Hedged Multi-Asset Income ETF
Data updated: 2026-09-28
The net expense ratio is 1.37% (1.71% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $103K in broker commissions, 0.2578% of average net assets, and portfolio turnover was 538%.
AMAX Fees and Expenses
Annual operating expenses and sales charges of AMAX. Prospectus, as of September 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | — |
| Other expenses | 0.69% |
| Gross expense ratio | 1.71% |
| Fee waiver | −0.34% |
| Net expense ratio | 1.37% |
| 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 |
AMAX Costs Over Time
On $10,000 invested in AMAX, assuming 5% a year before costs, total costs come to $1,005 over 5 years, cutting the return by 1.71% 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 1.37%) | $144 | $446 | $768 |
| Trading costs (broker commissions) | $27 | $84 | $145 |
| Lost growth on money paid in costs | $0 | $26 | $93 |
| Total costs | $171 | $556 | $1,005 |
| Value after costs | $10,329 | $11,020 | $11,757 |
| Impact on return, per year | 1.71% | 1.71% | 1.71% |
AMAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.2578%
- Total broker commissions: $103K
- Bought from dealers (principal trades, not a cost): $134.5M
- Portfolio turnover (prospectus): 538%
- Securities lending: none during the year
AMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wallachbeth Capital LLC | $82K | 79.13% |
| GTS Securities, LLC | $13K | 13.02% |
| Goldman Sachs & Co. LLC | $3K | 3.10% |
| Mischler Financial Group, Inc. | $3K | 2.85% |
| Clear Street LLC | $2K | 1.90% |
AMAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| UMB Bank, n.a. | $104.6M | 77.76% |
| Merrill Lynch Professional Clearing Corp. | $17.1M | 12.70% |
| Goldman Sachs & Co. LLC | $12.2M | 9.07% |
| Mischler Financial Group, Inc. | $633K | 0.47% |
| Clear Street LLC | $276 | 0.00% |
| Wallachbeth Capital LLC | $227 | 0.00% |
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.