ARFFX Fees and Costs — Ariel Focus Fund, Investor Class
Data updated: 2026-08-20
The net expense ratio is 1.00%: a 0.65% management fee, a 0.25% 12b-1 fee plus 0.29% other expenses, less a 0.19% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $20K in broker commissions, 0.0305% of average net assets, and portfolio turnover was 31%.
ARFFX Fees and Expenses
Annual operating expenses and sales charges of ARFFX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.29% |
| Gross expense ratio | 1.19% |
| Fee waiver | −0.19% |
| Net expense ratio | 1.00% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
ARFFX Costs Over Time
On $10,000 invested in ARFFX, assuming 5% a year before costs, total costs come to $644 over 5 years, cutting the return by 1.08% 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 1.00%) | $105 | $328 | $568 |
| Trading costs (broker commissions) | $3 | $10 | $17 |
| Lost growth on money paid in costs | $0 | $17 | $59 |
| Total costs | $108 | $354 | $644 |
| Value after costs | $10,392 | $11,222 | $12,119 |
| Impact on return, per year | 1.08% | 1.08% | 1.08% |
ARFFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0305%
- Total broker commissions: $20K
- Bought from dealers (principal trades, not a cost): $18.5M
- Portfolio turnover (prospectus): 31%
- Securities lending: none during the year
ARFFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Piper Sandler & Co. | $3K | 21.21% |
| Evercore ISI | $2K | 15.69% |
| UBS SECURITIES LLC | $1K | 9.42% |
| INSTINET, LLC | $1K | 8.94% |
| Loop Capital Markets LLC | $1K | 8.56% |
| Jefferies LLC | $1K | 8.53% |
| INTL FCSTONE PTY LTD | $1K | 8.39% |
| WR Securities, LLC | $864 | 6.62% |
| CASTLEOAK SECURITIES, L.P. | $864 | 6.62% |
| SIEBERT WILLIAMS SHANK & CO., LLC | $787 | 6.03% |
ARFFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $18.5M | 100.00% |
Ariel Focus Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| AFOYX | Institutional Class | 0.75% | none |
| ARFFX | Investor Class | 1.00% | 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.