PISHX Fees and Costs — Preferred Securities and Income SMA Shares
Data updated: 2026-09-29
The net expense ratio is 0.00% (0.09% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $23K in broker commissions, 0.0054% of average net assets, and portfolio turnover was 58%.
PISHX Fees and Expenses
Annual operating expenses and sales charges of PISHX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.09% |
| Gross expense ratio | 0.09% |
| Fee waiver | −0.09% |
| Net expense ratio | 0.00% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
PISHX Costs Over Time
On $10,000 invested in PISHX, assuming 5% a year before costs, total costs come to $3 over 5 years, cutting the return by 0.01% 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 0.00%) | $0 | $0 | $0 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $0 | $0 |
| Total costs | $1 | $2 | $3 |
| Value after costs | $10,499 | $11,574 | $12,759 |
| Impact on return, per year | 0.01% | 0.01% | 0.01% |
PISHX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0054%
- Total broker commissions: $23K
- Bought from dealers (principal trades, not a cost): $793.2M
- Portfolio turnover (prospectus): 58%
- Securities lending: none during the year
PISHX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $17K | 75.24% |
| National Financial Services LLC | $2K | 9.41% |
| Jefferies LLC | $2K | 9.09% |
| Virtu Americas LLC | $1K | 6.27% |
PISHX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $333.3M | 51.81% |
| J.P. Morgan Securities LLC | $53.0M | 8.24% |
| BofA Securities, Inc. | $45.0M | 7.00% |
| BNP Paribas Securities Corp. | $37.2M | 5.79% |
| Barclays Capital Inc. | $32.8M | 5.11% |
| Morgan Stanley & Co. LLC | $30.2M | 4.70% |
| HSBC Securities (USA) Inc. | $29.9M | 4.65% |
| Goldman Sachs & Co. LLC | $28.7M | 4.46% |
| Mizuho Securities USA LLC | $26.6M | 4.14% |
| Citigroup Global Markets Inc. | $26.4M | 4.11% |
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.