C000206834 Fees and Costs — Alternative Risk Premia Portfolio
Data updated: 2020-06-08
The net expense ratio is 1.92%: a 0.55% management fee plus 3.79% other expenses, less a 2.42% fee waiver. There are no sales loads or redemption fees. In fiscal 2019 the fund paid $11K in broker commissions, 0.2133% of average net assets, and portfolio turnover was 120%.
C000206834 Fees and Expenses
Annual operating expenses and sales charges of C000206834. Prospectus, as of February 29, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | — |
| Other expenses | 3.79% |
| Gross expense ratio | 4.34% |
| Fee waiver | −2.42% |
| Net expense ratio | 1.92% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
C000206834 Costs Over Time
On $10,000 invested in C000206834, assuming 5% a year before costs, total costs come to $1,304 over 5 years, cutting the return by 2.24% 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 1.92%) | $202 | $622 | $1,065 |
| Trading costs (broker commissions) | $22 | $69 | $118 |
| Lost growth on money paid in costs | $0 | $34 | $121 |
| Total costs | $224 | $725 | $1,304 |
| Value after costs | $10,276 | $10,851 | $11,458 |
| Impact on return, per year | 2.24% | 2.24% | 2.24% |
C000206834 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.2133%
- Total broker commissions: $11K
- Bought from dealers (principal trades, not a cost): $18.6M
- Portfolio turnover (prospectus): 120%
- Securities on loan, average value: $4K
- Net income from securities lending: $4 (0.000% of average net assets)
C000206834 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Barclays Capital Inc. | $4K | 33.81% |
| Citigroup Global Markets Inc. | $3K | 25.98% |
| Goldman Sachs & Co. LLC | $3K | 25.08% |
| Sanford C. Bernstein & Co., LLC | $857 | 8.15% |
| Morgan Stanley & Co. LLC | $540 | 5.13% |
| Pershing LLC | $181 | 1.72% |
| Boenning & Scattergood Inc. | $15 | 0.14% |
C000206834 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $10.5M | 56.37% |
| BofA Securities, Inc. | $2.0M | 10.64% |
| Citigroup Global Markets Inc. | $1.6M | 8.53% |
| Nomura Securities International, Inc. | $1.6M | 8.43% |
| Wells Fargo Securities, LLC | $1.4M | 7.48% |
| Federal Reserve Bank of Boston | $1.3M | 6.94% |
| J.P. Morgan Securities LLC | $299K | 1.60% |
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.