IRONX Fees and Costs — Ironclad Managed Risk Fund
Data updated: 2026-08-19
The net expense ratio is 1.28% (1.34% before fee waivers). This share class carries a redemption fee of 2.00%. In fiscal 2025 the fund paid $24K in broker commissions, 0.0125% of average net assets, and portfolio turnover was 1%.
IRONX Fees and Expenses
Annual operating expenses and sales charges of IRONX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.10% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.21% |
| Gross expense ratio | 1.34% |
| Fee waiver | −0.06% |
| Net expense ratio | 1.28% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 2.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
IRONX Costs Over Time
On $10,000 invested in IRONX, assuming 5% a year before costs, total costs come to $804 over 5 years, cutting the return by 1.36% 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 1.28%) | $134 | $418 | $723 |
| Trading costs (broker commissions) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $0 | $21 | $74 |
| Total costs | $136 | $443 | $804 |
| Value after costs | $10,364 | $11,133 | $11,959 |
| Impact on return, per year | 1.36% | 1.36% | 1.36% |
IRONX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0125%
- Total broker commissions: $24K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 1%
- Securities lending: none during the year
IRONX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INTERACTIVE BROKERS CORP. | $24K | 100.00% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.