IQDAX Fees and Costs — Infinity Q Diversified Alpha Fund, Investor Class
Data updated: 2021-01-29
The net expense ratio is 2.46% (2.55% before fee waivers). This share class carries a redemption fee of 1.00%. In fiscal 2020 the fund paid $8.8M in broker commissions, 0.8826% of average net assets, and portfolio turnover was 100%.
IQDAX Fees and Expenses
Annual operating expenses and sales charges of IQDAX. Prospectus, as of December 31, 2019.
| Annual operating expenses | |
|---|---|
| Management fee | 1.70% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.49% |
| Gross expense ratio | 2.55% |
| Fee waiver | −0.09% |
| Net expense ratio | 2.46% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | 1.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
IQDAX Costs Over Time
On $10,000 invested in IQDAX, assuming 5% a year before costs, total costs come to $1,995 over 5 years, cutting the return by 3.51% 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 2.46%) | $258 | $787 | $1,331 |
| Trading costs (broker commissions) | $93 | $282 | $477 |
| Lost growth on money paid in costs | $0 | $54 | $187 |
| Total costs | $351 | $1,122 | $1,995 |
| Value after costs | $10,149 | $10,454 | $10,768 |
| Impact on return, per year | 3.51% | 3.51% | 3.51% |
IQDAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.8826%
- Total broker commissions: $8.8M
- Bought from dealers (principal trades, not a cost): $184.4M
- Portfolio turnover (prospectus): 100%
- Securities lending: none during the year
IQDAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS FINANCIAL SERVICES INC. | $4.2M | 47.36% |
| CITIGROUP GLOBAL MARKETS INC. | $3.0M | 33.66% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $1.0M | 11.68% |
| CREDIT SUISSE SECURITIES (USA) LLC | $495K | 5.61% |
| MACRO RISK ADVISORS LLC | $99K | 1.12% |
| BNP PARIBAS SECURITIES CORP. | $36K | 0.41% |
| CORNERSTONE MACRO LLC | $10K | 0.11% |
| INTERACTIVE BROKERS LLC | $4K | 0.04% |
| U.S. BANCORP INVESTMENTS INC. | $1K | 0.01% |
IQDAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| UBS FINANCIAL SERVICES INC. | $76.1M | 41.29% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $42.0M | 22.75% |
| MORGAN STANLEY & CO. LLC | $19.4M | 10.54% |
| DEUTSCHE BANK SECURITIES INC. | $17.5M | 9.50% |
| CREDIT SUISSE SECURITIES (USA) LLC | $14.3M | 7.78% |
| CITIGROUP GLOBAL MARKETS INC. | $12.7M | 6.90% |
| SG AMERICAS SECURITIES, LLC | $2.1M | 1.12% |
| BNP PARIBAS SECURITIES CORP. | $210K | 0.11% |
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.