BDKDX Fees and Costs — Bramshill Multi-Strategy Income Fund
Data updated: 2026-08-25
The net expense ratio is 1.55%: a 0.95% management fee, a 0.25% 12b-1 fee plus 0.34% other expenses. This share class carries a maximum front-end sales load of 2.50%. Portfolio turnover was 51%.
BDKDX Fees and Expenses
Annual operating expenses and sales charges of BDKDX. Prospectus, as of April 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.34% |
| Gross expense ratio | 1.55% |
| Fee waiver | — |
| Net expense ratio | 1.55% |
| Sales charges | |
|---|---|
| Max front load | 2.50% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
BDKDX Costs Over Time
On $10,000 invested in BDKDX, assuming 5% a year before costs, total costs come to $1,254 over 5 years, cutting the return by 2.15% 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 |
| Sales charges | $250 | $250 | $250 |
| Fund expenses (net expense ratio 1.55%) | $159 | $492 | $849 |
| Lost growth on money paid in costs | $12 | $64 | $155 |
| Total costs | $421 | $806 | $1,254 |
| Value after costs | $10,079 | $10,770 | $11,509 |
| Impact on return, per year | 4.21% | 2.50% | 2.15% |
BDKDX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $214.2M
- Portfolio turnover (prospectus): 51%
- Securities lending: none during the year
BDKDX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $88.0M | 43.44% |
| BOFA SECURITIES, INC. | $44.9M | 22.14% |
| WELLS FARGO CLEARING SERVICES, LLC | $27.5M | 13.56% |
| GUGGENHEIM INVESTOR SERVICES, LLC | $9.8M | 4.83% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $7.3M | 3.62% |
| PIPER JAFFRAY COMPANIES | $5.6M | 2.76% |
| SUMITOMO MITSUI TRUST (UK) LIMITED | $5.4M | 2.65% |
| SANTANDER INVESTMENT SECURITIES, INC. | $4.9M | 2.44% |
| DEUTSCHE BANK SECURITIES INC. | $4.9M | 2.43% |
| MORGAN STANLEY | $4.3M | 2.13% |
Bramshill Multi-Strategy Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| BDKNX | Institutional Class | 1.21% | none |
| BDKAX | Class A | 1.46% | 4.25% |
| BDKDX | C000190685 | 1.55% | 2.50% |
| BDKCX | Class C | 2.21% | 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.