MERKX Fees and Costs — Merk Hard Currency Fund, Investor Shares
Data updated: 2022-11-17
The net expense ratio is 1.32%. There are no sales loads or redemption fees. In fiscal 2022 the fund paid $400 in broker commissions, 0.0007% of average net assets, and portfolio turnover was 68%.
MERKX Fees and Expenses
Annual operating expenses and sales charges of MERKX. Prospectus, as of July 31, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.07% |
| Gross expense ratio | — |
| Fee waiver | — |
| Net expense ratio | 1.32% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
MERKX Costs Over Time
On $10,000 invested in MERKX, assuming 5% a year before costs, total costs come to $821 over 5 years, cutting the return by 1.39% 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 1.32%) | $139 | $431 | $745 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $21 | $76 |
| Total costs | $139 | $453 | $821 |
| Value after costs | $10,361 | $11,124 | $11,942 |
| Impact on return, per year | 1.39% | 1.39% | 1.39% |
MERKX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2022.
- Explicit cost rate (commissions ÷ average net assets): 0.0007%
- Total broker commissions: $400
- Bought from dealers (principal trades, not a cost): $79.8M
- Portfolio turnover (prospectus): 68%
- Securities lending: none during the year
MERKX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $400 | 100.00% |
MERKX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $26.5M | 33.21% |
| WESTPAC BANKING CORPORATION | $16.9M | 21.21% |
| CIBC WORLD MARKETS CORP | $15.6M | 19.59% |
| SKANDINAVISKA ENSKILDA BANKEN AB | $13.6M | 17.09% |
| UBS SECURITIES LLC | $4.7M | 5.94% |
| RBC CAPITAL MARKETS, LLC | $2.4M | 2.96% |
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.