MOM Fees and Costs — AGFiQ U.S. Market Neutral Momentum Fund
Data updated: 2021-02-23
The net expense ratio is 2.58%: a 0.45% management fee plus 9.30% other expenses, less a 7.17% fee waiver. There are no sales loads or redemption fees. In fiscal 2020 the fund paid $15K in broker commissions, 0.4959% of average net assets, and portfolio turnover was 391%.
MOM Fees and Expenses
Annual operating expenses and sales charges of MOM. Prospectus, as of June 30, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.00% |
| Other expenses | 9.30% |
| Gross expense ratio | 9.75% |
| Fee waiver | −7.17% |
| Net expense ratio | 2.58% |
| Sales charges | |
|---|---|
| Max front load | — |
| 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 | Yes |
MOM Costs Over Time
On $10,000 invested in MOM, assuming 5% a year before costs, total costs come to $1,846 over 5 years, cutting the return by 3.23% 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 2.58%) | $271 | $827 | $1,403 |
| Trading costs (broker commissions) | $52 | $159 | $270 |
| Lost growth on money paid in costs | $0 | $50 | $173 |
| Total costs | $323 | $1,036 | $1,846 |
| Value after costs | $10,177 | $10,541 | $10,917 |
| Impact on return, per year | 3.23% | 3.23% | 3.23% |
MOM Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.4959%
- Total broker commissions: $15K
- Bought from dealers (principal trades, not a cost): $6.0M
- Portfolio turnover (prospectus): 391%
- Securities lending: none during the year
MOM Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Scotia Capital (USA) Inc. | $11K | 73.46% |
| Morgan Stanley & Co., LLC | $2K | 14.45% |
| Virtu Americas LLC | $2K | 12.09% |
MOM Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Virtu Americas LLC | $5.1M | 84.97% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $900K | 15.03% |
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.