RWSNX Fees and Costs — Redwood Systematic Macro Trend, Fund Class N
Data updated: 2026-09-28
The net expense ratio is 1.49%: a 1.00% management fee, a 0.25% 12b-1 fee plus 0.24% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $292K in broker commissions, 0.1467% of average net assets, and portfolio turnover was 134%.
RWSNX Fees and Expenses
Annual operating expenses and sales charges of RWSNX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.24% |
| Gross expense ratio | 1.49% |
| Fee waiver | — |
| Net expense ratio | 1.49% |
| 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 | No |
| Waived fees subject to recoupment | No |
RWSNX Costs Over Time
On $10,000 invested in RWSNX, assuming 5% a year before costs, total costs come to $1,011 over 5 years, cutting the return by 1.72% 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 1.49%) | $156 | $485 | $835 |
| Trading costs (broker commissions) | $15 | $48 | $82 |
| Lost growth on money paid in costs | $0 | $26 | $93 |
| Total costs | $172 | $559 | $1,011 |
| Value after costs | $10,328 | $11,017 | $11,752 |
| Impact on return, per year | 1.72% | 1.72% | 1.72% |
RWSNX 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): 0.1467%
- Total broker commissions: $292K
- Bought from dealers (principal trades, not a cost): $5.4M
- Portfolio turnover (prospectus): 134%
- Securities lending: none during the year
RWSNX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE | $286K | 97.95% |
| BTIG LLC | $6K | 2.05% |
RWSNX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| UMB | $5.4M | 100.00% |
Redwood Systematic Macro Trend Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| RWSIX | Fund Class I | 1.24% | none |
| RWSNX | Fund Class N | 1.49% | 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.