EFFIX Fees and Costs — Efficient Enhanced Multi-Asset Fund, Class I
Data updated: 2026-09-25
The net expense ratio is 1.97% (2.59% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $25K in broker commissions, 0.0312% of average net assets, and portfolio turnover was 86%.
EFFIX Fees and Expenses
Annual operating expenses and sales charges of EFFIX. Prospectus, as of September 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.75% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 2.59% |
| Fee waiver | −0.62% |
| Net expense ratio | 1.97% |
| 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 |
EFFIX Costs Over Time
On $10,000 invested in EFFIX, assuming 5% a year before costs, total costs come to $1,227 over 5 years, cutting the return by 2.10% 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 1.97%) | $207 | $639 | $1,096 |
| Trading costs (broker commissions) | $3 | $10 | $17 |
| Lost growth on money paid in costs | $0 | $32 | $114 |
| Total costs | $210 | $681 | $1,227 |
| Value after costs | $10,290 | $10,895 | $11,536 |
| Impact on return, per year | 2.10% | 2.10% | 2.10% |
EFFIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0312%
- Total broker commissions: $25K
- Bought from dealers (principal trades, not a cost): $380.4M
- Portfolio turnover (prospectus): 86%
- Securities lending: none during the year
EFFIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY AND CO LLC | $13K | 52.05% |
| J P MORGAN SECURITIES LLC | $7K | 30.38% |
| SOCIETE GENERALE | $3K | 13.73% |
| DEUTSCHE BANK SECURITIES INC | $943 | 3.85% |
EFFIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO CAPITAL MARKETS CORP | $65.4M | 19.26% |
| MORGAN STANLEY AND CO LLC | $59.1M | 17.41% |
| BNP PARIBAS SECURITY CORP | $57.7M | 17.00% |
| J P MORGAN SECURITIES LLC | $44.7M | 13.16% |
| CITIGROUP GLOBAL MARKETS INC | $28.1M | 8.27% |
| U S BANCORP INVESTMENTS INC | $23.7M | 6.98% |
| TD SECURITIES | $20.8M | 6.13% |
| DEUTSCHE BANK SECURITIES INC | $17.8M | 5.25% |
| GOLDMAN SACHS & CO | $11.8M | 3.48% |
| BARCLAYS CAPITAL INC | $10.4M | 3.06% |
Efficient Enhanced Multi-Asset Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| EFFIX | Class I | 1.97% | — |
| EFFAX | C000250333 | 2.22% | — |
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.