DSMDX Fees and Costs — Driehaus Small/Mid Cap Growth Fund
Data updated: 2026-08-26
The net expense ratio is 0.80%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $93K in broker commissions, 0.1409% of average net assets, and portfolio turnover was 152%.
DSMDX Fees and Expenses
Annual operating expenses and sales charges of DSMDX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | — |
| Other expenses | 0.19% |
| Gross expense ratio | 0.79% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.80% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
DSMDX Costs Over Time
On $10,000 invested in DSMDX, assuming 5% a year before costs, total costs come to $589 over 5 years, cutting the return by 0.99% 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 0.80%) | $84 | $262 | $455 |
| Trading costs (broker commissions) | $15 | $46 | $80 |
| Lost growth on money paid in costs | $0 | $15 | $54 |
| Total costs | $99 | $324 | $589 |
| Value after costs | $10,401 | $11,253 | $12,174 |
| Impact on return, per year | 0.99% | 0.99% | 0.99% |
DSMDX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1409%
- Total broker commissions: $93K
- Bought from dealers (principal trades, not a cost): $121.8M
- Portfolio turnover (prospectus): 152%
- Securities lending: none during the year
DSMDX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC CAPITAL MARKETS, LLC | $11K | 24.59% |
| STEPHENS INC. | $5K | 10.56% |
| RAYMOND JAMES & ASSOCIATES, INC. | $4K | 9.18% |
| BARCLAYS CAPITAL INC. | $4K | 9.12% |
| WILLIAM BLAIR & COMPANY, L.L.C. | $4K | 8.67% |
| BTIG, LLC | $4K | 8.17% |
| TD SECURITIES (USA) LLC | $4K | 8.09% |
| PIPER SANDLER & CO. | $3K | 7.83% |
| JEFFERIES LLC. | $3K | 7.50% |
| TRUIST SECURITIES, INC. | $3K | 6.30% |
DSMDX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $119.8M | 98.37% |
| JEFFERIES LLC. | $583K | 0.48% |
| MORGAN STANLEY & CO. LLC | $464K | 0.38% |
| GOLDMAN SACHS & CO. LLC | $446K | 0.37% |
| UBS SECURITIES LLC | $240K | 0.20% |
| LEERINK PARTNERS LLC | $96K | 0.08% |
| Merrill Lynch, Pierce, Fenner & Smith In | $79K | 0.07% |
| J.P. Morgan Securities LLC | $53K | 0.04% |
| Citigroup Global Markets Inc. | $20K | 0.02% |
| JMP SECURITIES 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.