PSDSX Fees and Costs — Palmer Square Ultra-Short Duration Investment Grade Fund
Data updated: 2025-11-26
The net expense ratio is 0.50%: a 0.25% management fee plus 0.34% other expenses, less a 0.09% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $131 in broker commissions, 0.0002% of average net assets, and portfolio turnover was 123%.
PSDSX Fees and Expenses
Annual operating expenses and sales charges of PSDSX. Prospectus, as of October 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.34% |
| Gross expense ratio | 0.59% |
| Fee waiver | −0.09% |
| Net expense ratio | 0.50% |
| 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 |
PSDSX Costs Over Time
On $10,000 invested in PSDSX, assuming 5% a year before costs, total costs come to $316 over 5 years, cutting the return by 0.53% 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 0.50%) | $52 | $165 | $287 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $8 | $29 |
| Total costs | $53 | $173 | $316 |
| Value after costs | $10,447 | $11,403 | $12,447 |
| Impact on return, per year | 0.53% | 0.53% | 0.53% |
PSDSX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0002%
- Total broker commissions: $131
- Bought from dealers (principal trades, not a cost): $163.8M
- Portfolio turnover (prospectus): 123%
- Securities lending: none during the year
PSDSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| VIRTU FINANCIAL LLC | $131 | 100.00% |
PSDSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO CLEARING SERVICES, LLC | $30.5M | 23.61% |
| MARKETAXESS CORPORATION | $17.7M | 13.67% |
| CITADEL SECURITIES CORP. | $17.5M | 13.54% |
| BARCLAYS CAPITAL INC. | $16.9M | 13.07% |
| BANC OF AMERICA SECURITIES LLC | $15.3M | 11.88% |
| BNP PARIBAS SECURITIES CORP. | $7.3M | 5.64% |
| MORGAN STANLEY | $6.8M | 5.29% |
| GOLDMAN SACHS & CO. LLC | $6.6M | 5.08% |
| J.P. MORGAN SECURITIES LLC | $5.8M | 4.48% |
| Societe Generale Investment Corp | $4.8M | 3.75% |
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.