PWRAX Fees and Costs — DF Tactical Income Fund, Class A
Data updated: 2026-09-14
The net expense ratio is 2.00%. This share class carries a maximum front-end sales load of 5.00%. In fiscal 2026 the fund paid $65K in broker commissions, 0.0815% of average net assets, and portfolio turnover was 353%.
PWRAX Fees and Expenses
Annual operating expenses and sales charges of PWRAX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.55% |
| Gross expense ratio | 2.00% |
| Fee waiver | — |
| Net expense ratio | 2.00% |
| 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 |
PWRAX Costs Over Time
On $10,000 invested in PWRAX, assuming 5% a year before costs, total costs come to $1,849 over 5 years, cutting the return by 3.23% 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 2.00%) | $200 | $616 | $1,055 |
| Trading costs (broker commissions) | $8 | $25 | $43 |
| Lost growth on money paid in costs | $25 | $111 | $250 |
| Total costs | $733 | $1,251 | $1,849 |
| Value after costs | $9,767 | $10,325 | $10,914 |
| Impact on return, per year | 7.33% | 3.93% | 3.23% |
PWRAX 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): 0.0815%
- Total broker commissions: $65K
- Bought from dealers (principal trades, not a cost): $8.2M
- Portfolio turnover (prospectus): 353%
- Securities on loan, average value: $11.3M
- Net income from securities lending: $44K (0.056% of average net assets)
PWRAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JANE STREET | $41K | 62.42% |
| JNK Securities Corp. | $10K | 14.85% |
| Stonex Financial Inc. | $8K | 12.59% |
| JP MORGAN | $5K | 7.04% |
| Virtu Americas LLC | $1K | 1.84% |
| CITADEL SECURITIES LLC | $498 | 0.76% |
| COWEN & COMPANY | $324 | 0.50% |
PWRAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| US BANCORP | $8.2M | 100.00% |
DF Tactical Income Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PWRIX | Class I | 1.75% | none |
| PWRAX | Class A | 2.00% | 5.00% |
| PWRCX | Class C | 2.75% | 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.