KADAX Fees and Costs — Kensington Active Advantage Fund, A Class
Data updated: 2026-08-26
The net expense ratio is 1.80% (3.28% before fee waivers). This share class carries a maximum front-end sales load of 4.75%. In fiscal 2025 the fund paid $5K in broker commissions, 0.0119% of average net assets, and portfolio turnover was 168%.
KADAX Fees and Expenses
Annual operating expenses and sales charges of KADAX. Prospectus, as of April 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.25% |
| Other expenses | 1.58% |
| Gross expense ratio | 3.28% |
| Fee waiver | −1.48% |
| Net expense ratio | 1.80% |
| Sales charges | |
|---|---|
| Max front load | 4.75% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
KADAX Costs Over Time
On $10,000 invested in KADAX, assuming 5% a year before costs, total costs come to $1,668 over 5 years, cutting the return by 2.90% 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 |
| Sales charges | $475 | $475 | $475 |
| Fund expenses (net expense ratio 1.80%) | $180 | $557 | $958 |
| Trading costs (broker commissions) | $1 | $4 | $6 |
| Lost growth on money paid in costs | $24 | $103 | $229 |
| Total costs | $680 | $1,138 | $1,668 |
| Value after costs | $9,820 | $10,438 | $11,094 |
| Impact on return, per year | 6.80% | 3.56% | 2.90% |
KADAX 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): 0.0119%
- Total broker commissions: $5K
- Bought from dealers (principal trades, not a cost): $26
- Portfolio turnover (prospectus): 168%
- Securities on loan, average value: $8.0M
- Net income from securities lending: $41K (0.102% of average net assets)
KADAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $4K | 75.63% |
| GOLDMAN SACHS & CO. LLC | $758 | 15.72% |
| WALLACHBETH CAPITAL LLC | $380 | 7.88% |
| STONEX FINANCIAL INC. | $37 | 0.77% |
KADAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $26 | 100.00% |
Kensington Active Advantage Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| KADIX | Institutional Class | 1.63% | none |
| KADAX | A Class | 1.80% | 4.75% |
| KADCX | C Class | 2.55% | none |
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.