PHYSX Fees and Costs — PIA High Yield Fund, Institutional Class
Data updated: 2026-07-24
The net expense ratio is 0.66%: a 0.55% management fee plus 0.42% other expenses, less a 0.31% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $5K in broker commissions, 0.0057% of average net assets, and portfolio turnover was 34%.
PHYSX Fees and Expenses
Annual operating expenses and sales charges of PHYSX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.42% |
| Gross expense ratio | 0.97% |
| Fee waiver | −0.31% |
| Net expense ratio | 0.66% |
| 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 |
PHYSX Costs Over Time
On $10,000 invested in PHYSX, assuming 5% a year before costs, total costs come to $419 over 5 years, cutting the return by 0.70% 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 0.66%) | $69 | $217 | $378 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $11 | $38 |
| Total costs | $70 | $230 | $419 |
| Value after costs | $10,430 | $11,347 | $12,344 |
| Impact on return, per year | 0.70% | 0.70% | 0.70% |
PHYSX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0057%
- Total broker commissions: $5K
- Bought from dealers (principal trades, not a cost): $176.3M
- Portfolio turnover (prospectus): 34%
- Securities lending: none during the year
PHYSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $5K | 100.00% |
PHYSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $9.4M | 20.17% |
| J.P. MORGAN SECURITIES LLC | $8.0M | 17.19% |
| MARKETAXESS CORPORATION | $7.9M | 16.86% |
| MORGAN STANLEY & CO. LLC | $6.6M | 14.16% |
| BARCLAYS CAPITAL INC. | $3.4M | 7.28% |
| CITIGROUP GLOBAL MARKETS INC. | $2.9M | 6.19% |
| JEFFERIES LLC | $2.8M | 5.92% |
| WELLS FARGO SECURITIES LLC | $2.0M | 4.30% |
| RBC CAPITAL MARKETS, LLC | $2.0M | 4.27% |
| DEUTSCHE BANK SECURITIES INC. | $1.7M | 3.67% |
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.