FLXIX Fees and Costs — Absolute Flexible Fund, Institutional Class Shares
Data updated: 2026-08-25
The net expense ratio is 1.51% (2.05% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $9K in broker commissions, 0.0291% of average net assets, and portfolio turnover was 73%.
FLXIX Fees and Expenses
Annual operating expenses and sales charges of FLXIX. Prospectus, as of August 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.40% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 2.05% |
| Fee waiver | −0.54% |
| Net expense ratio | 1.51% |
| 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 |
FLXIX Costs Over Time
On $10,000 invested in FLXIX, assuming 5% a year before costs, total costs come to $952 over 5 years, cutting the return by 1.62% 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 1.51%) | $159 | $492 | $848 |
| Trading costs (broker commissions) | $3 | $9 | $16 |
| Lost growth on money paid in costs | $0 | $25 | $88 |
| Total costs | $162 | $526 | $952 |
| Value after costs | $10,338 | $11,050 | $11,810 |
| Impact on return, per year | 1.62% | 1.62% | 1.62% |
FLXIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0291%
- Total broker commissions: $9K
- Bought from dealers (principal trades, not a cost): $41.9M
- Portfolio turnover (prospectus): 73%
- Securities lending: none during the year
FLXIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO INC | $9K | 100.00% |
FLXIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $10.1M | 24.16% |
| UBS SECURITIES LLC | $5.9M | 14.04% |
| MERRILL LYNCH | $5.5M | 13.17% |
| CITIGROUP GLOBAL MARKETS INC | $4.5M | 10.81% |
| COWEN & COMPANY LLC | $4.2M | 9.95% |
| JEFFERIES LLC | $3.1M | 7.29% |
| STONEX FINANCIAL INC | $2.5M | 5.97% |
| TRUIST SECURITIES | $2.2M | 5.35% |
| EVERCORE GROUP LLC | $2.1M | 4.91% |
| SANTANDER SECURITIES | $1.8M | 4.35% |
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.