GUMAX Fees and Costs — Guggenheim Market Neutral Real Estate Fund, Class A
Data updated: 2024-12-13
The net expense ratio is 1.63%: a 1.10% management fee, a 0.25% 12b-1 fee plus 0.85% other expenses, less a 0.57% fee waiver. This share class carries a maximum front-end sales load of 4.75%. In fiscal 2024 the fund paid $36K in broker commissions, 0.0832% of average net assets, and portfolio turnover was 55%.
GUMAX Fees and Expenses
Annual operating expenses and sales charges of GUMAX. Prospectus, as of January 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 1.10% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.85% |
| Gross expense ratio | 2.20% |
| Fee waiver | −0.57% |
| Net expense ratio | 1.63% |
| Sales charges | |
|---|---|
| Max front load | 4.75% |
| 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 |
GUMAX Costs Over Time
On $10,000 invested in GUMAX, assuming 5% a year before costs, total costs come to $1,612 over 5 years, cutting the return by 2.80% 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 |
| Sales charges | $475 | $475 | $475 |
| Fund expenses (net expense ratio 1.63%) | $163 | $505 | $869 |
| Trading costs (broker commissions) | $8 | $26 | $44 |
| Lost growth on money paid in costs | $24 | $101 | $224 |
| Total costs | $670 | $1,107 | $1,612 |
| Value after costs | $9,830 | $10,469 | $11,150 |
| Impact on return, per year | 6.70% | 3.46% | 2.80% |
GUMAX 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): 0.0832%
- Total broker commissions: $36K
- Bought from dealers (principal trades, not a cost): $11.2M
- Portfolio turnover (prospectus): 55%
- Securities lending: none during the year
GUMAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $13K | 37.67% |
| Morgan Stanley & Co. LLC | $13K | 36.67% |
| J.P. MORGAN SECURITIES LLC | $9K | 25.67% |
GUMAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $8.2M | 72.95% |
| GOLDMAN SACHS & CO. LLC | $3.0M | 27.05% |
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.