NKMCX Fees and Costs — North Square Kennedy MicroCap Fund, Class I
Data updated: 2026-09-25
The net expense ratio is 1.48%: a 1.20% management fee plus 0.50% other expenses, less a 0.23% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $76K in broker commissions, 0.2798% of average net assets, and portfolio turnover was 89%.
NKMCX Fees and Expenses
Annual operating expenses and sales charges of NKMCX. Prospectus, as of September 25, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.20% |
| 12b-1 fee | — |
| Other expenses | 0.50% |
| Gross expense ratio | 1.71% |
| Fee waiver | −0.23% |
| Net expense ratio | 1.48% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
NKMCX Costs Over Time
On $10,000 invested in NKMCX, assuming 5% a year before costs, total costs come to $1,084 over 5 years, cutting the return by 1.85% 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 1.48%) | $155 | $481 | $828 |
| Trading costs (broker commissions) | $29 | $91 | $156 |
| Lost growth on money paid in costs | $0 | $28 | $100 |
| Total costs | $185 | $600 | $1,084 |
| Value after costs | $10,315 | $10,976 | $11,679 |
| Impact on return, per year | 1.85% | 1.85% | 1.85% |
NKMCX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.2798%
- Total broker commissions: $76K
- Bought from dealers (principal trades, not a cost): $2.6M
- Portfolio turnover (prospectus): 89%
- Securities lending: none during the year
NKMCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| NORTHERN TRUST SECURITIES INC | $76K | 100.00% |
NKMCX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| NORTHERN TRUST SECURITIES INC | $1.7M | 63.33% |
| STEPHENS INC | $195K | 7.49% |
| CRAIG-HALLUM CAPITAL GROUP LLC | $148K | 5.68% |
| WILLIAM BLAIR AND COMPANY LLC | $136K | 5.21% |
| OPPENHEIMER & CO INC | $134K | 5.13% |
| DA DAVIDSON & CO | $121K | 4.65% |
| NORTHLAND SECURITIES, INC | $84K | 3.24% |
| LAKE STREET CAPITAL MARKETS LLC | $57K | 2.20% |
| KEEFE BRUYETTE & WOODS INC | $50K | 1.93% |
| ROTH CAPITAL PARTNERS LLC | $30K | 1.15% |
North Square Kennedy MicroCap Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| NKMCX | Class I | 1.48% | none |
| NKAAX | C000250357 | 1.73% | 5.75% |
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.