CHNAX Fees and Costs — Clough China Fund, Investor Shares
Data updated: 2022-03-31
The net expense ratio is 1.61%: a 1.00% management fee, a 0.25% 12b-1 fee plus 0.54% other expenses, less a 0.19% fee waiver. There are no sales loads or redemption fees. In fiscal 2021 the fund paid $111K in broker commissions, 0.2494% of average net assets, and portfolio turnover was 114%.
CHNAX Fees and Expenses
Annual operating expenses and sales charges of CHNAX. Prospectus, as of February 28, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.54% |
| Gross expense ratio | 1.80% |
| Fee waiver | −0.19% |
| Net expense ratio | 1.61% |
| 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 | Yes |
CHNAX Costs Over Time
On $10,000 invested in CHNAX, assuming 5% a year before costs, total costs come to $1,143 over 5 years, cutting the return by 1.95% 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 1.61%) | $169 | $523 | $898 |
| Trading costs (broker commissions) | $26 | $81 | $139 |
| Lost growth on money paid in costs | $0 | $30 | $106 |
| Total costs | $195 | $634 | $1,143 |
| Value after costs | $10,305 | $10,942 | $11,620 |
| Impact on return, per year | 1.95% | 1.95% | 1.95% |
CHNAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2021.
- Explicit cost rate (commissions ÷ average net assets): 0.2494%
- Total broker commissions: $111K
- Bought from dealers (principal trades, not a cost): $2.4M
- Portfolio turnover (prospectus): 114%
- Securities lending: none during the year
CHNAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CREDIT SUISSE SECURITIES (USA) LLC | $16K | 17.81% |
| JEFFERIES LLC | $13K | 13.84% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $12K | 12.63% |
| JPMORGAN DISTRIBUTION SERVICES, INC. | $9K | 9.70% |
| CITICORP SECURITIES SERVICES, INC. | $9K | 9.65% |
| MACQUARIE CAPITAL (USA) INC. | $8K | 8.79% |
| CLSA AMERICAS, LLC | $8K | 8.58% |
| ALLIANCEBERNSTEIN INVESTMENTS, INC. | $6K | 6.87% |
| DBS VICKERS SECURITIES (USA) INC. | $6K | 6.71% |
| China International Capital Corporation Limited | $5K | 5.43% |
CHNAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY | $2.0M | 81.98% |
| GOLDMAN SACHS & CO. LLC | $441K | 18.02% |
Clough China Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| CHNIX | Class I | 1.36% | none |
| CHCAX | Class A | 1.61% | 5.50% |
| CHNAX | Investor Shares | 1.61% | none |
| CHNCX | Class C | 2.36% | none |
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.