CALEX Fees and Costs — Cutler Equity Fund
Data updated: 2026-09-11
The net expense ratio is 0.99%: a 0.75% management fee, a 0.05% 12b-1 fee plus 0.25% other expenses, less a 0.06% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $6K in broker commissions, 0.0030% of average net assets, and portfolio turnover was 1%.
CALEX Fees and Expenses
Annual operating expenses and sales charges of CALEX. Prospectus, as of October 31, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.05% |
| Other expenses | 0.25% |
| Gross expense ratio | 1.05% |
| Fee waiver | −0.06% |
| Net expense ratio | 0.99% |
| 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 |
CALEX Costs Over Time
On $10,000 invested in CALEX, assuming 5% a year before costs, total costs come to $621 over 5 years, cutting the return by 1.04% 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 0.99%) | $104 | $324 | $563 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $16 | $57 |
| Total costs | $104 | $341 | $621 |
| Value after costs | $10,396 | $11,235 | $12,142 |
| Impact on return, per year | 1.04% | 1.04% | 1.04% |
CALEX 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): 0.0030%
- Total broker commissions: $6K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 1%
- Securities lending: none during the year
CALEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CANTOR FITZGERALD & CO. | $5K | 71.16% |
| ACADEMY SECURITIES, INC. | $2K | 28.84% |
Cutler Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| CALEX | Cutler Equity Fund | 0.99% | — |
| DIVHX | Cutler Equity Fund | 0.99% | — |
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.