CPSIX Fees and Costs — Channel Income Fund
Data updated: 2026-08-28
The net expense ratio is 1.40%: a 0.40% management fee plus 3.34% other expenses, less a 2.34% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 55%.
CPSIX Fees and Expenses
Annual operating expenses and sales charges of CPSIX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | 0.00% |
| Other expenses | 3.34% |
| Gross expense ratio | 3.74% |
| Fee waiver | −2.34% |
| Net expense ratio | 1.40% |
| 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 |
CPSIX Costs Over Time
On $10,000 invested in CPSIX, assuming 5% a year before costs, total costs come to $869 over 5 years, cutting the return by 1.47% 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 1.40%) | $147 | $457 | $789 |
| Lost growth on money paid in costs | $0 | $23 | $80 |
| Total costs | $147 | $479 | $869 |
| Value after costs | $10,353 | $11,097 | $11,894 |
| Impact on return, per year | 1.47% | 1.47% | 1.47% |
CPSIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $2.8B
- Portfolio turnover (prospectus): 55%
- Securities lending: none during the year
CPSIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITADEL SECURITIES LLC | $1.3B | 48.47% |
| J P MORGAN SECURITIES LLC | $489.9M | 17.69% |
| WELLS FARGO SECURITIES LLC | $399.1M | 14.41% |
| MISCHLER FINANCIAL GROUP, INC | $292.4M | 10.55% |
| TD SECURITIES (USA) LLC | $213.8M | 7.72% |
| CASTLEOAK SECURITIES LP | $26.4M | 0.95% |
| ROBERT W BAIRD & COMPANY INC | $2.5M | 0.09% |
| OPPENHEIMER & CO, INC | $1.9M | 0.07% |
| PENSERRA SECURITIES | $818K | 0.03% |
| COLLIERS SECURITIES LLC | $759K | 0.03% |
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.