PIASX Fees and Costs — PIA Short-Term Securities Fund, Advisor Class
Data updated: 2026-07-24
The net expense ratio is 0.39%: a 0.20% management fee plus 0.21% other expenses, less a 0.02% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 43%.
PIASX Fees and Expenses
Annual operating expenses and sales charges of PIASX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.20% |
| 12b-1 fee | — |
| Other expenses | 0.21% |
| Gross expense ratio | 0.41% |
| Fee waiver | −0.02% |
| Net expense ratio | 0.39% |
| 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 |
PIASX Costs Over Time
On $10,000 invested in PIASX, assuming 5% a year before costs, total costs come to $247 over 5 years, cutting the return by 0.41% 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 0.39%) | $41 | $129 | $224 |
| Lost growth on money paid in costs | $0 | $6 | $23 |
| Total costs | $41 | $135 | $247 |
| Value after costs | $10,459 | $11,441 | $12,516 |
| Impact on return, per year | 0.41% | 0.41% | 0.41% |
PIASX 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $396.7M
- Portfolio turnover (prospectus): 43%
- Securities lending: none during the year
PIASX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $55.8M | 28.20% |
| NOMURA SECURITIES INTERNATIONAL INC. | $48.1M | 24.31% |
| CITIGROUP GLOBAL MARKETS INC. | $34.3M | 17.37% |
| GOLDMAN SACHS & CO. LLC | $17.5M | 8.85% |
| MORGAN STANLEY & CO. LLC | $10.2M | 5.16% |
| DEUTSCHE BANK SECURITIES INC. | $8.3M | 4.21% |
| Pershing LLC | $8.0M | 4.05% |
| Suntrust Capital Markets Inc. | $7.0M | 3.56% |
| BARCLAYS CAPITAL INC. | $5.5M | 2.77% |
| WELLS FARGO SECURITIES LLC | $3.0M | 1.51% |
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.