MDFIX Fees and Costs — Matisse Discounted Bond CEF Strategy, Institutional Class
Data updated: 2026-08-28
The net expense ratio is 2.53%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $89K in broker commissions, 0.1698% of average net assets, and portfolio turnover was 63%.
MDFIX Fees and Expenses
Annual operating expenses and sales charges of MDFIX. Prospectus, as of July 29, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.59% |
| Gross expense ratio | 2.53% |
| Fee waiver | — |
| Net expense ratio | 2.53% |
| 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 |
MDFIX Costs Over Time
On $10,000 invested in MDFIX, assuming 5% a year before costs, total costs come to $1,632 over 5 years, cutting the return by 2.83% 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 2.53%) | $266 | $814 | $1,387 |
| Trading costs (broker commissions) | $18 | $55 | $93 |
| Lost growth on money paid in costs | $0 | $44 | $152 |
| Total costs | $283 | $913 | $1,632 |
| Value after costs | $10,217 | $10,664 | $11,131 |
| Impact on return, per year | 2.83% | 2.83% | 2.83% |
MDFIX 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): 0.1698%
- Total broker commissions: $89K
- Bought from dealers (principal trades, not a cost): $59.9M
- Portfolio turnover (prospectus): 63%
- Securities lending: none during the year
MDFIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Clear Street LLC | $78K | 87.25% |
| Capital Institutional Services, Inc. | $10K | 10.99% |
| GTS Securities, LLC | $1K | 1.28% |
| Virtu Americas LLC | $274 | 0.31% |
| Jonestrading Institutional Services LLC | $151 | 0.17% |
MDFIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| UMB Bank, n.a. | $59.9M | 100.00% |
| Clear Street LLC | $4 | 0.00% |
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.