IRNIX Fees and Costs — IRON Strategic Income Fund, Investor Class
Data updated: 2021-05-26
The net expense ratio is 1.77%. This share class carries a redemption fee of 1.00%. In fiscal 2020 the fund paid $26K in broker commissions, 0.0564% of average net assets, and portfolio turnover was 448%.
IRNIX Fees and Expenses
Annual operating expenses and sales charges of IRNIX. Prospectus, as of January 31, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.25% |
| Other expenses | — |
| Gross expense ratio | 1.77% |
| Fee waiver | — |
| Net expense ratio | 1.77% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | 1.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
IRNIX Costs Over Time
On $10,000 invested in IRNIX, assuming 5% a year before costs, total costs come to $1,124 over 5 years, cutting the return by 1.92% 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 1.77%) | $186 | $575 | $988 |
| Trading costs (broker commissions) | $6 | $18 | $31 |
| Lost growth on money paid in costs | $0 | $30 | $104 |
| Total costs | $192 | $623 | $1,124 |
| Value after costs | $10,308 | $10,953 | $11,639 |
| Impact on return, per year | 1.92% | 1.92% | 1.92% |
IRNIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.0564%
- Total broker commissions: $26K
- Bought from dealers (principal trades, not a cost): $163.5M
- Portfolio turnover (prospectus): 448%
- Securities on loan, average value: $726K
- Net income from securities lending: $4K (0.009% of average net assets)
IRNIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BLOOMBERG TRADEBOOK LLC | $26K | 100.00% |
IRNIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J P MORGAN SECURITIES LLC | $55.2M | 34.10% |
| WELLS FARGO SECURITIES LLC | $44.9M | 27.70% |
| GOLDMAN SACHS & CO | $38.3M | 23.63% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC | $12.3M | 7.59% |
| MORGAN STANLEY AND CO LLC | $4.0M | 2.45% |
| CREDIT SUISSE (USA) LLC | $2.4M | 1.46% |
| MARKETAXESS CORPORATION | $1.4M | 0.86% |
| 280 SECURITIES LLC | $1.3M | 0.81% |
| SUMRIDGE PARTNERS LLC | $1.3M | 0.78% |
| JANE STREET CAPITAL LLC | $1.0M | 0.64% |
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.