JAFEX Fees and Costs — Total Stock Market Index Trust, Class NAV
Data updated: 2026-08-27
The net expense ratio is 0.51%: a 0.47% management fee plus 0.05% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $27K in broker commissions, 0.0025% of average net assets, and portfolio turnover was 7%.
JAFEX Fees and Expenses
Annual operating expenses and sales charges of JAFEX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.47% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.05% |
| Gross expense ratio | 0.52% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.51% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
JAFEX Costs Over Time
On $10,000 invested in JAFEX, assuming 5% a year before costs, total costs come to $324 over 5 years, cutting the return by 0.54% 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 0.51%) | $54 | $168 | $293 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $0 | $8 | $30 |
| Total costs | $54 | $177 | $324 |
| Value after costs | $10,446 | $11,399 | $12,439 |
| Impact on return, per year | 0.54% | 0.54% | 0.54% |
JAFEX 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): 0.0025%
- Total broker commissions: $27K
- Bought from dealers (principal trades, not a cost): $362.2M
- Portfolio turnover (prospectus): 7%
- Securities on loan, average value: $3.2M
- Net income from securities lending: $380K (0.036% of average net assets)
JAFEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Barclays Bank PLC | $21K | 77.71% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $6K | 22.25% |
| Cantor Fitzgerald & Co. | $11 | 0.04% |
JAFEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets, LLC | $314.1M | 86.72% |
| Bernstein Institutional Services LLC | $45.2M | 12.48% |
| TD Securities (USA) LLC | $2.9M | 0.79% |
| Barclays Bank PLC | $16K | 0.00% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $2K | 0.00% |
Total Stock Market Index Trust Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| JAFEX | Class NAV | 0.51% | — |
| JETSX | Series I | 0.56% | — |
| JAFFX | Series II | 0.76% | — |
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.