MDIV Fees and Costs — Multi-Asset Diversified Income Index Fund
Data updated: 2026-08-21
The net expense ratio is 0.71% (0.83% before fee waivers). There are no sales loads or redemption fees. In fiscal 2024 the fund paid $204K in broker commissions, 0.0480% of average net assets, and portfolio turnover was 68%.
MDIV Fees and Expenses
Annual operating expenses and sales charges of MDIV. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.83% |
| Fee waiver | −0.12% |
| Net expense ratio | 0.71% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
MDIV Costs Over Time
On $10,000 invested in MDIV, assuming 5% a year before costs, total costs come to $476 over 5 years, cutting the return by 0.80% 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 0.71%) | $75 | $233 | $405 |
| Trading costs (broker commissions) | $5 | $16 | $27 |
| Lost growth on money paid in costs | $0 | $12 | $44 |
| Total costs | $80 | $261 | $476 |
| Value after costs | $10,420 | $11,315 | $12,286 |
| Impact on return, per year | 0.80% | 0.80% | 0.80% |
MDIV Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0480%
- Total broker commissions: $204K
- Bought from dealers (principal trades, not a cost): $99.6M
- Portfolio turnover (prospectus): 68%
- Securities lending: none during the year
MDIV Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BTIG, LLC | $174K | 85.25% |
| RBC CAPITAL MARKETS, LLC | $30K | 14.75% |
| BOFA SECURITIES, INC. | $3 | 0.00% |
MDIV Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $87.8M | 88.19% |
| Jane Street Execution Services, LLC | $5.8M | 5.85% |
| CITADEL SECURITIES LLC | $5.4M | 5.45% |
| RBC CAPITAL MARKETS, LLC | $508K | 0.51% |
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.