MAIPX Fees and Costs — Mai Managed Volatility Fund, Institutional Class
Data updated: 2026-07-30
The net expense ratio is 1.22% (1.30% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $7K in broker commissions, 0.0033% of average net assets, and portfolio turnover was 16%.
MAIPX Fees and Expenses
Annual operating expenses and sales charges of MAIPX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.53% |
| Gross expense ratio | 1.30% |
| Fee waiver | −0.08% |
| Net expense ratio | 1.22% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
MAIPX Costs Over Time
On $10,000 invested in MAIPX, assuming 5% a year before costs, total costs come to $762 over 5 years, cutting the return by 1.28% 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 1.22%) | $128 | $399 | $690 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $20 | $70 |
| Total costs | $128 | $420 | $762 |
| Value after costs | $10,372 | $11,157 | $12,001 |
| Impact on return, per year | 1.28% | 1.28% | 1.28% |
MAIPX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0033%
- Total broker commissions: $7K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 16%
- Securities lending: none during the year
MAIPX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|
MAIPX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITIGROUP GLOBAL MARKETS INC. | $15.1M | 46.84% |
| STONE SECURITIES CORP. | $9.6M | 29.94% |
| INTERACTIVE BROKERS L.L.C. | $7.5M | 23.22% |
Mai Managed Volatility Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MAIPX | Institutional Class | 1.22% | none |
| DIVPX | Investor Class | 1.47% | 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.