LONAX Fees and Costs — Longboard Fund, Class A
Data updated: 2026-09-28
The net expense ratio is 2.24%: a 1.99% management fee plus a 0.25% 12b-1 fee. This share class carries a maximum front-end sales load of 5.75% and a deferred sales charge of up to 1.00%. In fiscal 2026 the fund paid $47K in broker commissions, 0.0389% of average net assets, and portfolio turnover was 116%.
LONAX Fees and Expenses
Annual operating expenses and sales charges of LONAX. Prospectus, as of September 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.99% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.00% |
| Gross expense ratio | 2.24% |
| Fee waiver | — |
| Net expense ratio | 2.24% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 1.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
LONAX Costs Over Time
On $10,000 invested in LONAX, assuming 5% a year before costs, total costs come to $2,043 over 5 years, cutting the return by 3.60% 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 | $672 | $575 | $575 |
| Fund expenses (net expense ratio 2.24%) | $222 | $683 | $1,168 |
| Trading costs (broker commissions) | $4 | $12 | $20 |
| Lost growth on money paid in costs | $29 | $125 | $280 |
| Total costs | $926 | $1,395 | $2,043 |
| Value after costs | $9,574 | $10,182 | $10,719 |
| Impact on return, per year | 9.26% | 4.40% | 3.60% |
LONAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0389%
- Total broker commissions: $47K
- Bought from dealers (principal trades, not a cost): $138.9M
- Portfolio turnover (prospectus): 116%
- Securities lending: none during the year
LONAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Scotiabank | $47K | 100.00% |
LONAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. Bancorp Investments, Inc. | $138.9M | 100.00% |
Longboard Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| LONGX | Class I | 1.99% | none |
| LONAX | Class A | 2.24% | 5.75% |
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.