C000236408 Fees and Costs — Absolute Flexible Fund, Institutional Shares
Data updated: 2023-08-28
The net expense ratio is 1.51% (2.45% before fee waivers). There are no sales loads or redemption fees. In fiscal 2023 the fund paid $2K in broker commissions, 0.0102% of average net assets, and portfolio turnover was 21%.
C000236408 Fees and Expenses
Annual operating expenses and sales charges of C000236408. Prospectus, as of July 31, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 1.40% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.03% |
| Gross expense ratio | 2.45% |
| Fee waiver | −0.94% |
| Net expense ratio | 1.51% |
| 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 | Yes |
C000236408 Costs Over Time
On $10,000 invested in C000236408, assuming 5% a year before costs, total costs come to $941 over 5 years, cutting the return by 1.60% 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 1.51%) | $159 | $492 | $849 |
| Trading costs (broker commissions) | $1 | $3 | $6 |
| Lost growth on money paid in costs | $0 | $25 | $87 |
| Total costs | $160 | $520 | $941 |
| Value after costs | $10,340 | $11,056 | $11,822 |
| Impact on return, per year | 1.60% | 1.60% | 1.60% |
C000236408 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0102%
- Total broker commissions: $2K
- Bought from dealers (principal trades, not a cost): $26.9M
- Portfolio turnover (prospectus): 21%
- Securities lending: none during the year
C000236408 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $2K | 100.00% |
C000236408 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CREDIT SUISSE SECURITIES (USA) LLC | $5.7M | 23.32% |
| J.P. MORGAN SECURITIES LLC | $4.7M | 19.22% |
| WACHOVIA SECURITIES INC | $3.6M | 14.88% |
| JEFFERIES LLC | $3.3M | 13.73% |
| BARCLAYS CAPITAL INC. | $2.0M | 8.24% |
| ISI GROUP, INC. | $1.9M | 7.89% |
| LEERINK, SWANN, GARRITY, SOLLAMI, YAFFE | $825K | 3.39% |
| MORGAN STANLEY & CO. LLC | $806K | 3.31% |
| CITIGROUP GLOBAL MARKETS INC. | $772K | 3.17% |
| NOMURA SECURITIES INETERNATIONAL, INC | $694K | 2.85% |
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.