NMIEX Fees and Costs — Active M International Equity Fund
Data updated: 2026-08-28
The net expense ratio is 0.85%: a 0.82% management fee plus 0.10% other expenses, less a 0.08% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $359K in broker commissions, 0.0617% of average net assets, and portfolio turnover was 49%.
NMIEX Fees and Expenses
Annual operating expenses and sales charges of NMIEX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.82% |
| 12b-1 fee | — |
| Other expenses | 0.10% |
| Gross expense ratio | 0.93% |
| Fee waiver | −0.08% |
| Net expense ratio | 0.85% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 | No |
NMIEX Costs Over Time
On $10,000 invested in NMIEX, assuming 5% a year before costs, total costs come to $571 over 5 years, cutting the return by 0.96% 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 0.85%) | $89 | $279 | $484 |
| Trading costs (broker commissions) | $6 | $20 | $35 |
| Lost growth on money paid in costs | $0 | $15 | $52 |
| Total costs | $96 | $314 | $571 |
| Value after costs | $10,404 | $11,263 | $12,192 |
| Impact on return, per year | 0.96% | 0.96% | 0.96% |
NMIEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0617%
- Total broker commissions: $359K
- Bought from dealers (principal trades, not a cost): $524.6M
- Portfolio turnover (prospectus): 49%
- Securities on loan, average value: $2.0M
- Net income from securities lending: $8K (0.001% of average net assets)
NMIEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS INTERNATIONAL | $22K | 14.28% |
| JEFFERIES LLC. | $20K | 12.86% |
| J.P. MORGAN SECURITIES PLC | $19K | 12.00% |
| MORGAN STANLEY & CO. LLC | $17K | 10.78% |
| UBS SECURITIES LLC | $17K | 10.73% |
| GOLDMAN SACHS & CO. LLC | $15K | 9.67% |
| BNP PARIBAS | $13K | 8.43% |
| LIQUIDNET EUROPE LIMITED | $12K | 7.51% |
| MERRILL LYNCH INTERNATIONAL | $12K | 7.49% |
| BOFA SECURITIES, INC. | $10K | 6.24% |
NMIEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $514.8M | 98.13% |
| BMO Nesbitt Burns Inc. | $3.7M | 0.71% |
| JPMorgan Chase Bank, National Association | $2.4M | 0.46% |
| MORGAN STANLEY & CO. LLC | $1.4M | 0.27% |
| Nomura Securities International, Inc. | $897K | 0.17% |
| MUFG SECURITIES AMERICAS INC. | $600K | 0.11% |
| CITADEL ADVISORS LLC | $528K | 0.10% |
| Wells Fargo Bank, National Association | $99K | 0.02% |
| GOLDMAN SACHS & CO. LLC | $40K | 0.01% |
| BARCLAYS BANK PLC | $34K | 0.01% |
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.