C000190721 Fees and Costs — AlphaSimplex Managed Futures Strategy Fund, Class N
Data updated: 2023-05-30
The net expense ratio is 1.33%: a 1.24% management fee plus 0.09% other expenses. There are no sales loads or redemption fees. In fiscal 2022 the fund paid $2.2M in broker commissions, 0.0875% of average net assets.
C000190721 Fees and Expenses
Annual operating expenses and sales charges of C000190721. Prospectus, as of April 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 1.24% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.09% |
| Gross expense ratio | 1.33% |
| Fee waiver | — |
| Net expense ratio | 1.33% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
C000190721 Costs Over Time
On $10,000 invested in C000190721, assuming 5% a year before costs, total costs come to $879 over 5 years, cutting the return by 1.49% 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 1.33%) | $140 | $434 | $749 |
| Trading costs (broker commissions) | $9 | $29 | $49 |
| Lost growth on money paid in costs | $0 | $23 | $81 |
| Total costs | $149 | $485 | $879 |
| Value after costs | $10,351 | $11,091 | $11,884 |
| Impact on return, per year | 1.49% | 1.49% | 1.49% |
C000190721 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2022.
- Explicit cost rate (commissions ÷ average net assets): 0.0875%
- Total broker commissions: $2.2M
- Bought from dealers (principal trades, not a cost): $48.7B
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
C000190721 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $1.3M | 58.98% |
| Morgan Stanley & Co. LLC | $680K | 30.59% |
| J.P. Morgan Securities LLC | $232K | 10.43% |
C000190721 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $27.1B | 55.72% |
| State Street Bank and Trust Company | $15.2B | 31.23% |
| Oppenheimer & Co. Inc. | $2.8B | 5.77% |
| TP ICAP Markets Limited | $2.3B | 4.65% |
| Goldman Sachs & Co. LLC | $488.1M | 1.00% |
| Mizuho Securities USA LLC | $287.0M | 0.59% |
| U.S. Bancorp Investments, Inc. | $281.0M | 0.58% |
| RBC Capital Markets, LLC | $227.5M | 0.47% |
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.