NMMEX Fees and Costs — Active M Emerging Markets Equity Fund
Data updated: 2026-08-28
The net expense ratio is 0.99%: a 0.95% management fee plus 0.33% other expenses, less a 0.30% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $241K in broker commissions, 0.1332% of average net assets, and portfolio turnover was 67%.
NMMEX Fees and Expenses
Annual operating expenses and sales charges of NMMEX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | — |
| Other expenses | 0.33% |
| Gross expense ratio | 1.29% |
| Fee waiver | −0.30% |
| Net expense ratio | 0.99% |
| 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 |
NMMEX Costs Over Time
On $10,000 invested in NMMEX, assuming 5% a year before costs, total costs come to $701 over 5 years, cutting the return by 1.18% 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 0.99%) | $104 | $324 | $561 |
| Trading costs (broker commissions) | $14 | $44 | $75 |
| Lost growth on money paid in costs | $0 | $18 | $64 |
| Total costs | $118 | $386 | $701 |
| Value after costs | $10,382 | $11,191 | $12,062 |
| Impact on return, per year | 1.18% | 1.18% | 1.18% |
NMMEX 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): 0.1332%
- Total broker commissions: $241K
- Bought from dealers (principal trades, not a cost): $211.3M
- Portfolio turnover (prospectus): 67%
- Securities on loan, average value: $1.5M
- Net income from securities lending: $5K (0.003% of average net assets)
NMMEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS AG | $20K | 17.58% |
| HSBC SECURITIES (USA) INC. | $13K | 11.84% |
| J.P. MORGAN SECURITIES LLC | $12K | 10.82% |
| MORGAN STANLEY & CO. INTERNATIONAL PLC | $12K | 10.32% |
| GOLDMAN SACHS INTERNATIONAL | $11K | 9.68% |
| J.P. MORGAN SECURITIES (ASIA PACIFIC) LIMITED | $10K | 8.93% |
| MERRILL LYNCH INTERNATIONAL | $9K | 8.36% |
| UBS SECURITIES LLC | $9K | 8.06% |
| MORGAN STANLEY & CO. LLC | $9K | 7.86% |
| BANK OF AMERICA EUROPE DESIGNATED ACTIVITY COMPANY | $7K | 6.55% |
NMMEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $208.7M | 98.77% |
| BMO Nesbitt Burns Inc. | $872K | 0.41% |
| JPMorgan Chase Bank, National Association | $709K | 0.34% |
| MORGAN STANLEY & CO. LLC | $380K | 0.18% |
| Wells Fargo Bank, National Association | $168K | 0.08% |
| CITADEL ADVISORS LLC | $162K | 0.08% |
| MUFG SECURITIES AMERICAS INC. | $109K | 0.05% |
| Nomura Securities International, Inc. | $94K | 0.04% |
| BANK OF AMERICA CORPORATION | $65K | 0.03% |
| BNP PARIBAS | $30K | 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.