MMSQX Fees and Costs — MProved Systematic Multi-Strategy Fund, Institutional Class
Data updated: 2020-08-26
The net expense ratio is 2.85%: a 1.50% management fee plus 3.78% other expenses, less a 2.44% fee waiver. This share class carries a redemption fee of 2.00%. In fiscal 2019 the fund paid $3K in broker commissions, 0.0169% of average net assets, and portfolio turnover was 109%.
MMSQX Fees and Expenses
Annual operating expenses and sales charges of MMSQX. Prospectus, as of April 30, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 1.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 3.78% |
| Gross expense ratio | 5.29% |
| Fee waiver | −2.44% |
| Net expense ratio | 2.85% |
| 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 |
MMSQX Costs Over Time
On $10,000 invested in MMSQX, assuming 5% a year before costs, total costs come to $1,728 over 5 years, cutting the return by 3.01% 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 2.85%) | $299 | $916 | $1,557 |
| Trading costs (broker commissions) | $2 | $5 | $9 |
| Lost growth on money paid in costs | $0 | $46 | $161 |
| Total costs | $301 | $967 | $1,728 |
| Value after costs | $10,199 | $10,609 | $11,035 |
| Impact on return, per year | 3.01% | 3.01% | 3.01% |
MMSQX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2019.
- Explicit cost rate (commissions ÷ average net assets): 0.0169%
- Total broker commissions: $3K
- Bought from dealers (principal trades, not a cost): $154.6M
- Portfolio turnover (prospectus): 109%
- Securities lending: none during the year
MMSQX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $2K | 85.71% |
| DEUTSCHE BANK SECURITIES INC. | $388 | 14.29% |
MMSQX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. Bancorp Investments, Inc. | $82.7M | 60.43% |
| J.P. MORGAN SECURITIES LLC | $16.6M | 12.15% |
| MERRILL LYNCH PROFESSIONAL CLEARING CORP. | $7.9M | 5.75% |
| MORGAN STANLEY & CO. LLC | $6.3M | 4.61% |
| Citigroup Global Markets Inc. | $5.7M | 4.13% |
| GOLDMAN SACHS & CO. LLC | $5.3M | 3.85% |
| BNP PARIBAS PRIME BROKERAGE, INC. | $4.1M | 3.02% |
| PERSHING LLC | $2.8M | 2.07% |
| BARCLAYS CAPITAL INC. | $2.8M | 2.07% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $2.6M | 1.91% |
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.