RNEAX Fees and Costs — Rational RGN Hedged Equity Fund, Class A
Data updated: 2026-08-28
The net expense ratio is 2.30% (3.57% before fee waivers). This share class carries a maximum front-end sales load of 5.75%. In fiscal 2025 the fund paid $58K in broker commissions, 0.5680% of average net assets, and portfolio turnover was 4%.
RNEAX Fees and Expenses
Annual operating expenses and sales charges of RNEAX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 1.52% |
| Gross expense ratio | 3.57% |
| Fee waiver | −1.27% |
| Net expense ratio | 2.30% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
RNEAX Costs Over Time
On $10,000 invested in RNEAX, assuming 5% a year before costs, total costs come to $2,363 over 5 years, cutting the return by 4.21% 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 | $575 | $575 | $575 |
| Fund expenses (net expense ratio 2.30%) | $228 | $697 | $1,184 |
| Trading costs (broker commissions) | $56 | $172 | $292 |
| Lost growth on money paid in costs | $29 | $134 | $311 |
| Total costs | $888 | $1,578 | $2,363 |
| Value after costs | $9,612 | $9,999 | $10,400 |
| Impact on return, per year | 8.88% | 5.00% | 4.21% |
RNEAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.5680%
- Total broker commissions: $58K
- Bought from dealers (principal trades, not a cost): $3.8B
- Portfolio turnover (prospectus): 4%
- Securities lending: none during the year
RNEAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| ADM INVESTOR SERVICES, INC | $57K | 99.21% |
| STONEX FINANCIAL INC | $454 | 0.79% |
RNEAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| ADM Investor Services, Inc. | $3.6B | 96.05% |
| BARCLAYS CAPITAL INC | $148.4M | 3.93% |
| US BANCORP | $570K | 0.02% |
| WESTMINSTER FINANCIAL | $25K | 0.00% |
Rational RGN Hedged Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| RNEIX | Institutional Shares | 2.05% | none |
| RNEAX | Class A | 2.30% | 5.75% |
| RNECX | Class C | 3.05% | 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.