BTFIX Fees and Costs — BTS Tactical Fixed Income Fund, Class I
Data updated: 2026-08-24
The net expense ratio is 1.83%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $33K in broker commissions, 0.0650% of average net assets, and portfolio turnover was 237%.
BTFIX Fees and Expenses
Annual operating expenses and sales charges of BTFIX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.72% |
| Gross expense ratio | 1.83% |
| Fee waiver | — |
| Net expense ratio | 1.83% |
| 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 | No |
| Waived fees subject to recoupment | No |
BTFIX Costs Over Time
On $10,000 invested in BTFIX, assuming 5% a year before costs, total costs come to $1,164 over 5 years, cutting the return by 1.99% 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 1.83%) | $192 | $594 | $1,020 |
| Trading costs (broker commissions) | $7 | $21 | $36 |
| Lost growth on money paid in costs | $0 | $31 | $108 |
| Total costs | $199 | $646 | $1,164 |
| Value after costs | $10,301 | $10,931 | $11,599 |
| Impact on return, per year | 1.99% | 1.99% | 1.99% |
BTFIX 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): 0.0650%
- Total broker commissions: $33K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 237%
- Securities on loan, average value: $2.9M
- Net income from securities lending: $15K (0.030% of average net assets)
BTFIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wallachbeth Capital, LLC | $33K | 100.00% |
BTS Tactical Fixed 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 |
|---|---|---|---|
| BTFIX | Class I | 1.83% | none |
| BTFAX | Class A | 2.08% | 3.75% |
| BTFRX | Class R | 2.33% | none |
| BTFCX | Class C | 2.83% | 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.