C000198553 Fees and Costs — Aquarius International Fund
Data updated: 2026-07-28
The net expense ratio is 0.67%: a 0.48% management fee plus 0.19% other expenses. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $484K in broker commissions, 0.0964% of average net assets, and portfolio turnover was 64%.
C000198553 Fees and Expenses
Annual operating expenses and sales charges of C000198553. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.48% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.19% |
| Gross expense ratio | 0.67% |
| Fee waiver | — |
| Net expense ratio | 0.67% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
C000198553 Costs Over Time
On $10,000 invested in C000198553, assuming 5% a year before costs, total costs come to $482 over 5 years, cutting the return by 0.80% 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 0.67%) | $70 | $220 | $383 |
| Trading costs (broker commissions) | $10 | $32 | $55 |
| Lost growth on money paid in costs | $0 | $12 | $44 |
| Total costs | $80 | $264 | $482 |
| Value after costs | $10,420 | $11,312 | $12,281 |
| Impact on return, per year | 0.80% | 0.80% | 0.80% |
C000198553 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0964%
- Total broker commissions: $484K
- Bought from dealers (principal trades, not a cost): $1.4M
- Portfolio turnover (prospectus): 64%
- Securities lending: none during the year
C000198553 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN CHASE | $58K | 27.89% |
| GOLDMAN SACHS & CO | $37K | 17.43% |
| JEFFERIES & COMPANY INC. | $22K | 10.72% |
| DAIWA BANK LTD. | $20K | 9.67% |
| INSTINET CLEARING SERVICES INC. | $15K | 6.98% |
| CITIGROUP GLOBAL MARKETS INC. | $14K | 6.72% |
| CLSA | $13K | 6.27% |
| BNP PARIBAS BROKERAGE SERVICES INC. | $11K | 5.29% |
| HSBC INVESTMENT BANK PLC | $10K | 4.81% |
| AMBIT CAPITAL | $9K | 4.22% |
C000198553 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES | $478K | 35.16% |
| INVESTEC BANK | $367K | 26.99% |
| R.B.C. DOMINION SECURITIES INC. | $310K | 22.81% |
| J.P. MORGAN CHASE | $139K | 10.21% |
| UBS FINANCIAL SERVICES INC. | $66K | 4.83% |
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.