MDCEX Fees and Costs — Matisse Discounted Closed-End Fund Strategy, Institutional Class
Data updated: 2026-08-28
The net expense ratio is 3.20%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $76K in broker commissions, 0.1204% of average net assets, and portfolio turnover was 31%.
MDCEX Fees and Expenses
Annual operating expenses and sales charges of MDCEX. Prospectus, as of July 29, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.52% |
| Gross expense ratio | 3.20% |
| Fee waiver | — |
| Net expense ratio | 3.20% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
MDCEX Costs Over Time
On $10,000 invested in MDCEX, assuming 5% a year before costs, total costs come to $1,983 over 5 years, cutting the return by 3.49% 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 3.20%) | $336 | $1,023 | $1,732 |
| Trading costs (broker commissions) | $13 | $39 | $65 |
| Lost growth on money paid in costs | $0 | $53 | $186 |
| Total costs | $349 | $1,115 | $1,983 |
| Value after costs | $10,151 | $10,461 | $10,780 |
| Impact on return, per year | 3.49% | 3.49% | 3.49% |
MDCEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1204%
- Total broker commissions: $76K
- Bought from dealers (principal trades, not a cost): $71.3M
- Portfolio turnover (prospectus): 31%
- Securities lending: none during the year
MDCEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Clear Street LLC | $70K | 91.95% |
| Alliance Global Partners | $4K | 5.79% |
| Aegis Capital Corp. | $834 | 1.10% |
| Jonestrading Institutional Services LLC | $770 | 1.02% |
| Capital Institutional Services, Inc. | $106 | 0.14% |
MDCEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| UMB Bank, n.a. | $69.9M | 98.05% |
| Clear Street LLC | $1.4M | 1.95% |
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.