C000173478 Fees and Costs — U.S. Sector Rotation Fund, Class NAV
Data updated: 2026-07-27
The net expense ratio is 0.66%: a 0.63% management fee plus 0.04% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $131K in broker commissions, 0.0027% of average net assets, and portfolio turnover was 40%.
C000173478 Fees and Expenses
Annual operating expenses and sales charges of C000173478. Prospectus, as of December 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.63% |
| 12b-1 fee | — |
| Other expenses | 0.04% |
| Gross expense ratio | 0.67% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.66% |
| Sales charges | |
|---|---|
| Max front load | — |
| 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 |
C000173478 Costs Over Time
On $10,000 invested in C000173478, assuming 5% a year before costs, total costs come to $417 over 5 years, cutting the return by 0.70% 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 0.66%) | $69 | $217 | $378 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $11 | $38 |
| Total costs | $70 | $229 | $417 |
| Value after costs | $10,430 | $11,348 | $12,345 |
| Impact on return, per year | 0.70% | 0.70% | 0.70% |
C000173478 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): 0.0027%
- Total broker commissions: $131K
- Bought from dealers (principal trades, not a cost): $2.7B
- Portfolio turnover (prospectus): 40%
- Securities on loan, average value: $2.7M
- Net income from securities lending: $80K (0.002% of average net assets)
C000173478 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $48K | 36.90% |
| Liquidnet, Inc. | $30K | 22.93% |
| Cantor Fitzgerald & Co. | $28K | 21.44% |
| Scotia Capital Inc. | $16K | 12.11% |
| Barclays Bank PLC | $9K | 6.62% |
| Goldman Sachs & Co. LLC | $1 | 0.00% |
C000173478 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets, LLC | $2.7B | 99.88% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $3.2M | 0.12% |
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.