PWDAX Fees and Costs — DF Tactical Dividend Fund, Class A
Data updated: 2026-09-14
The net expense ratio is 1.88%. This share class carries a maximum front-end sales load of 5.00%. In fiscal 2026 the fund paid $14K in broker commissions, 0.0257% of average net assets, and portfolio turnover was 181%.
PWDAX Fees and Expenses
Annual operating expenses and sales charges of PWDAX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.61% |
| Gross expense ratio | 1.88% |
| Fee waiver | — |
| Net expense ratio | 1.88% |
| Sales charges | |
|---|---|
| Max front load | 5.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
PWDAX Costs Over Time
On $10,000 invested in PWDAX, assuming 5% a year before costs, total costs come to $1,750 over 5 years, cutting the return by 3.05% 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 |
| Sales charges | $500 | $500 | $500 |
| Fund expenses (net expense ratio 1.88%) | $188 | $580 | $996 |
| Trading costs (broker commissions) | $3 | $8 | $14 |
| Lost growth on money paid in costs | $25 | $108 | $241 |
| Total costs | $715 | $1,196 | $1,750 |
| Value after costs | $9,785 | $10,381 | $11,013 |
| Impact on return, per year | 7.15% | 3.75% | 3.05% |
PWDAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0257%
- Total broker commissions: $14K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 181%
- Securities on loan, average value: $4.4M
- Net income from securities lending: $9K (0.017% of average net assets)
PWDAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| WALLACHBETH CAPITAL LLC | $2K | 16.63% |
| FCSTONE | $2K | 14.42% |
| COWEN & COMPANY | $2K | 12.99% |
| Susquehanna Capital Group | $2K | 12.14% |
| CITADEL SECURITIES LLC | $2K | 12.02% |
| GTS MISCHLER | $1K | 8.98% |
| JP MORGAN | $1K | 8.87% |
| JANE STREET | $1K | 7.24% |
| Virtu Americas LLC | $722 | 5.10% |
| CANACCORD GENUITY WEALTH | $227 | 1.61% |
DF Tactical Dividend Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PWDIX | Class I | 1.58% | none |
| PWDAX | Class A | 1.88% | 5.00% |
| PWDCX | Class C | 2.63% | none |
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.