HDCAX Fees and Costs — Rational Equity Armor Fund, Class A
Data updated: 2026-08-28
The net expense ratio is 1.70%. This share class carries a maximum front-end sales load of 4.75%. In fiscal 2025 the fund paid $214K in broker commissions, 0.5257% of average net assets, and portfolio turnover was 204%.
HDCAX Fees and Expenses
Annual operating expenses and sales charges of HDCAX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.67% |
| Gross expense ratio | 1.70% |
| Fee waiver | — |
| Net expense ratio | 1.70% |
| Sales charges | |
|---|---|
| Max front load | 4.75% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
HDCAX Costs Over Time
On $10,000 invested in HDCAX, assuming 5% a year before costs, total costs come to $1,900 over 5 years, cutting the return by 3.33% 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 1.70%) | $170 | $524 | $897 |
| Trading costs (broker commissions) | $53 | $162 | $277 |
| Lost growth on money paid in costs | $24 | $109 | $251 |
| Total costs | $721 | $1,270 | $1,900 |
| Value after costs | $9,779 | $10,306 | $10,863 |
| Impact on return, per year | 7.21% | 3.99% | 3.33% |
HDCAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.5257%
- Total broker commissions: $214K
- Bought from dealers (principal trades, not a cost): $912.9M
- Portfolio turnover (prospectus): 204%
- Securities lending: none during the year
HDCAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| WEDBUSH SECURITIES | $164K | 76.47% |
| FCSTONE | $50K | 23.53% |
HDCAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| RELIGARE CAPITAL MARKETS | $912.9M | 100.00% |
Rational Equity Armor Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| HDCTX | Institutional Shares | 1.44% | none |
| HDCAX | Class A | 1.70% | 4.75% |
| HDCEX | Class C | 2.41% | none |
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.