FARAX Fees and Costs — Fulcrum Diversified Absolute Return Fund, Advisor Class
Data updated: 2026-09-14
The net expense ratio is 1.60%: a 0.90% management fee, a 0.25% 12b-1 fee plus 0.49% other expenses, less a 0.04% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $6K in broker commissions, 0.0022% of average net assets, and portfolio turnover was 113%.
FARAX Fees and Expenses
Annual operating expenses and sales charges of FARAX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.49% |
| Gross expense ratio | 1.64% |
| Fee waiver | −0.04% |
| Net expense ratio | 1.60% |
| 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 |
FARAX Costs Over Time
On $10,000 invested in FARAX, assuming 5% a year before costs, total costs come to $990 over 5 years, cutting the return by 1.68% 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 1.60%) | $168 | $521 | $898 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $0 | $26 | $91 |
| Total costs | $168 | $548 | $990 |
| Value after costs | $10,332 | $11,029 | $11,773 |
| Impact on return, per year | 1.68% | 1.68% | 1.68% |
FARAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0022%
- Total broker commissions: $6K
- Bought from dealers (principal trades, not a cost): $20.7B
- Portfolio turnover (prospectus): 113%
- Securities lending: none during the year
FARAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JPMorgan Chase | $4K | 58.93% |
| Morgan Stanley | $2K | 34.14% |
| Mitsubishi Securities Inc. | $310 | 5.10% |
| DNB Markets | $111 | 1.83% |
FARAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMorgan Chase | $7.8B | 37.92% |
| Morgan Stanley | $7.8B | 37.67% |
| Barrington Research | $1.9B | 9.06% |
| Goldman Sachs | $1.7B | 8.20% |
| BNP Paribas | $571.2M | 2.77% |
| Mitsubishi Securities Inc. | $491.1M | 2.38% |
| UBS AG | $297.4M | 1.44% |
| Marex Spectron | $106.8M | 0.52% |
| Bank of America Merrill Lynch | $5.5M | 0.03% |
| Girard Securities Inc. | $4.8M | 0.02% |
Fulcrum Diversified Absolute Return Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FARYX | Super Institutional Class | 1.20% | — |
| FARIX | Institutional Class | 1.28% | — |
| FARAX | Advisor Class | 1.60% | — |
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.