C000264229 Fees and Costs — Palmer Square Ultra-Short Duration Investment Grade Fund, Class I
Data updated: 2026-09-09
The net expense ratio is 0.50%: a 0.25% management fee plus 0.39% other expenses, less a 0.14% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $2K in broker commissions, 0.0028% of average net assets, and portfolio turnover was 123%.
C000264229 Fees and Expenses
Annual operating expenses and sales charges of C000264229. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.39% |
| Gross expense ratio | 0.64% |
| Fee waiver | −0.14% |
| Net expense ratio | 0.50% |
| 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 |
C000264229 Costs Over Time
On $10,000 invested in C000264229, assuming 5% a year before costs, total costs come to $318 over 5 years, cutting the return by 0.53% 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 0.50%) | $52 | $165 | $287 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $8 | $29 |
| Total costs | $53 | $174 | $318 |
| Value after costs | $10,447 | $11,403 | $12,445 |
| Impact on return, per year | 0.53% | 0.53% | 0.53% |
C000264229 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0028%
- Total broker commissions: $2K
- Bought from dealers (principal trades, not a cost): $188.2M
- Portfolio turnover (prospectus): 123%
- Securities lending: none during the year
C000264229 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Virtu Americas LLC | $1K | 60.18% |
| VIRTU FINANCIAL IRELAND LIMITED | $555 | 32.42% |
| Jane Street Execution Services, LLC | $121 | 7.05% |
| BofA Securities, Inc. | $6 | 0.35% |
C000264229 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $25.8M | 17.12% |
| TD SECURITIES (USA) LLC | $21.1M | 14.01% |
| MarketAxess Corporation | $20.3M | 13.42% |
| Citigroup Global Markets Inc. | $17.0M | 11.28% |
| J.P. Morgan Securities LLC | $13.8M | 9.11% |
| Wells Fargo Securities, LLC | $11.7M | 7.73% |
| BNP Paribas Securities Corp. | $11.5M | 7.62% |
| Barclays Capital, Inc. | $10.7M | 7.11% |
| BofA Securities, Inc. | $10.6M | 6.99% |
| RBC Capital Markets, LLC | $8.5M | 5.62% |
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.