IPSAX Fees and Costs — IPS Strategic Capital Absolute Return Fund, Institutional Class Shares
Data updated: 2026-07-15
The net expense ratio is 1.51%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $80K in broker commissions, 0.1526% of average net assets, and portfolio turnover was 116%.
IPSAX Fees and Expenses
Annual operating expenses and sales charges of IPSAX. Prospectus, as of June 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.47% |
| Gross expense ratio | 1.51% |
| Fee waiver | — |
| Net expense ratio | 1.51% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
IPSAX Costs Over Time
On $10,000 invested in IPSAX, assuming 5% a year before costs, total costs come to $1,026 over 5 years, cutting the return by 1.75% 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 | $491 | $846 |
| Trading costs (broker commissions) | $16 | $50 | $86 |
| Lost growth on money paid in costs | $0 | $27 | $95 |
| Total costs | $175 | $568 | $1,026 |
| Value after costs | $10,325 | $11,008 | $11,737 |
| Impact on return, per year | 1.75% | 1.75% | 1.75% |
IPSAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1526%
- Total broker commissions: $80K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 116%
- Securities lending: none during the year
IPSAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Interactive Brokers Corp. | $76K | 95.17% |
| TRADEWEB L.L.C | $4K | 4.65% |
| WALLACHBETH CAPITAL, LLC | $143 | 0.18% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.