JELAX Fees and Costs — Managed Volatility Aggressive Portfolio, Series I
Data updated: 2021-05-28
The net expense ratio is 0.90% (0.94% before fee waivers). There are no sales loads or redemption fees. In fiscal 2020 the fund paid $28K in broker commissions, 0.0086% of average net assets, and portfolio turnover was 15%.
JELAX Fees and Expenses
Annual operating expenses and sales charges of JELAX. Prospectus, as of April 30, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.27% |
| 12b-1 fee | 0.05% |
| Other expenses | 0.04% |
| Gross expense ratio | 0.94% |
| Fee waiver | −0.04% |
| Net expense ratio | 0.90% |
| 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 |
JELAX Costs Over Time
On $10,000 invested in JELAX, assuming 5% a year before costs, total costs come to $569 over 5 years, cutting the return by 0.95% 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 0.90%) | $94 | $295 | $512 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $15 | $52 |
| Total costs | $95 | $313 | $569 |
| Value after costs | $10,405 | $11,264 | $12,193 |
| Impact on return, per year | 0.95% | 0.95% | 0.95% |
JELAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.0086%
- Total broker commissions: $28K
- Bought from dealers (principal trades, not a cost): $585.3M
- Portfolio turnover (prospectus): 15%
- Securities lending: none during the year
JELAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Virtu Americas LLC | $19K | 67.75% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $7K | 26.13% |
| Pershing LLC | $2K | 6.12% |
JELAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets, LLC | $409.1M | 70.52% |
| J.P. Morgan Securities LLC | $50.4M | 8.70% |
| BNY Mellon Capital Markets, LLC | $44.6M | 7.69% |
| UBS AG | $34.8M | 5.99% |
| Barclays Bank PLC | $23.3M | 4.03% |
| Citigroup Global Markets Holdings Inc. | $3.8M | 0.65% |
| Goldman Sachs & Co. LLC | $3.7M | 0.64% |
| Jefferies LLC | $3.7M | 0.64% |
| Pershing LLC | $3.6M | 0.62% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $3.0M | 0.52% |
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.