MMAQX Fees and Costs — MProved Systematic Merger Arbitrage Fund, Institutional Class
Data updated: 2021-08-23
The net expense ratio is 1.49% (3.23% before fee waivers). This share class carries a redemption fee of 2.00%. In fiscal 2020 the fund paid $6K in broker commissions, 0.0377% of average net assets, and portfolio turnover was 0%.
MMAQX Fees and Expenses
Annual operating expenses and sales charges of MMAQX. Prospectus, as of April 30, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.90% |
| Gross expense ratio | 3.23% |
| Fee waiver | −1.74% |
| Net expense ratio | 1.49% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 2.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
MMAQX Costs Over Time
On $10,000 invested in MMAQX, assuming 5% a year before costs, total costs come to $946 over 5 years, cutting the return by 1.60% 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 1.49%) | $156 | $485 | $837 |
| Trading costs (broker commissions) | $4 | $12 | $21 |
| Lost growth on money paid in costs | $0 | $25 | $87 |
| Total costs | $160 | $522 | $946 |
| Value after costs | $10,340 | $11,054 | $11,817 |
| Impact on return, per year | 1.60% | 1.60% | 1.60% |
MMAQX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.0377%
- Total broker commissions: $6K
- Bought from dealers (principal trades, not a cost): $53.9M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
MMAQX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JPMorgan Chase | $4K | 69.19% |
| Goldman Sachs & Company | $2K | 30.81% |
MMAQX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. Bancorp Investments, Inc. | $53.4M | 99.08% |
| J.P. MORGAN SECURITIES LLC | $497K | 0.92% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.