FTMSX Fees and Costs — FullerThaler Behavioral Micro-Cap Equity Fund, Institutional Shares
Data updated: 2026-08-28
The net expense ratio is 1.35%: a 1.00% management fee plus 0.70% other expenses, less a 0.35% fee waiver. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $54K in broker commissions, 0.2865% of average net assets, and portfolio turnover was 111%.
FTMSX Fees and Expenses
Annual operating expenses and sales charges of FTMSX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.70% |
| Gross expense ratio | 1.70% |
| Fee waiver | −0.35% |
| Net expense ratio | 1.35% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
FTMSX Costs Over Time
On $10,000 invested in FTMSX, assuming 5% a year before costs, total costs come to $1,011 over 5 years, cutting the return by 1.72% 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 1.35%) | $142 | $439 | $757 |
| Trading costs (broker commissions) | $30 | $93 | $161 |
| Lost growth on money paid in costs | $0 | $26 | $93 |
| Total costs | $172 | $559 | $1,011 |
| Value after costs | $10,328 | $11,017 | $11,752 |
| Impact on return, per year | 1.72% | 1.72% | 1.72% |
FTMSX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.2865%
- Total broker commissions: $54K
- Bought from dealers (principal trades, not a cost): $5.6M
- Portfolio turnover (prospectus): 111%
- Securities on loan, average value: $556K
- Net income from securities lending: $64K (0.335% of average net assets)
FTMSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BANK OF AMERCA MERRIL LYNCH | $9K | 22.32% |
| STATE STREET GLOBAL MARKETS | $8K | 21.74% |
| Weeden Prime Services LLC | $7K | 18.60% |
| NEEDHAM & COMPANY LLC | $3K | 7.60% |
| THE BENCHMARK COMPANY LLC | $2K | 6.12% |
| CANTOR FITZGERALD & CO | $2K | 5.59% |
| COWEN & COMPANY LLC | $2K | 4.75% |
| WELLS FARGO SECURITIES LLC | $2K | 4.73% |
| RBC CAPITAL MARKETS | $2K | 4.56% |
| VIRTU AMERICAS LLC | $2K | 3.99% |
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.