CDAZX Fees and Costs — Multi-Manager Directional Alternative Strategies Fund, Institutional Class
Data updated: 2026-09-28
The net expense ratio is 2.09% (2.39% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $522K in broker commissions, 0.1769% of average net assets, and portfolio turnover was 308%.
CDAZX Fees and Expenses
Annual operating expenses and sales charges of CDAZX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.60% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 2.39% |
| Fee waiver | −0.30% |
| Net expense ratio | 2.09% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
CDAZX Costs Over Time
On $10,000 invested in CDAZX, assuming 5% a year before costs, total costs come to $1,382 over 5 years, cutting the return by 2.38% 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 2.09%) | $219 | $676 | $1,156 |
| Trading costs (broker commissions) | $19 | $57 | $98 |
| Lost growth on money paid in costs | $0 | $37 | $128 |
| Total costs | $238 | $770 | $1,382 |
| Value after costs | $10,262 | $10,807 | $11,380 |
| Impact on return, per year | 2.38% | 2.38% | 2.38% |
CDAZX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1769%
- Total broker commissions: $522K
- Bought from dealers (principal trades, not a cost): $1.0B
- Portfolio turnover (prospectus): 308%
- Securities lending: none during the year
CDAZX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $51K | 19.02% |
| UBS Securities LLC | $37K | 13.82% |
| J.P. Morgan Securities LLC | $32K | 11.84% |
| Sanford C. Bernstein & Co., LLC | $25K | 9.34% |
| Goldman Sachs & Co. LLC | $25K | 9.34% |
| Piper Sandler & Co. | $24K | 9.12% |
| RBC Capital Markets, LLC | $21K | 8.02% |
| Barclays Capital Inc. | $18K | 6.87% |
| Nomura Securities International, Inc. | $17K | 6.46% |
| Jefferies LLC | $16K | 6.17% |
CDAZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $864.1M | 86.05% |
| Goldman Sachs & Co. LLC | $85.5M | 8.52% |
| J.P. Morgan Securities LLC | $54.4M | 5.42% |
| UBS Securities LLC | $83K | 0.01% |
| STANLIB Limited | $40K | 0.00% |
| Barclays Capital Inc. | $21K | 0.00% |
| Bestex Research Securities, LLC | $6K | 0.00% |
| Citizens JMP Securities, LLC | $3K | 0.00% |
| Susquehanna Financial Group, LLLP | $2K | 0.00% |
| Jefferies LLC | $1K | 0.00% |
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.