RYAPX Fees and Costs — Inverse NASDAQ-100 Strategy Fund, Class A
Data updated: 2026-08-28
The net expense ratio is 1.71% (1.80% before fee waivers). This share class carries a maximum front-end sales load of 4.75%. In fiscal 2026 the fund paid $107 in broker commissions, 0.0004% of average net assets, and portfolio turnover was 0%.
RYAPX Fees and Expenses
Annual operating expenses and sales charges of RYAPX. Prospectus, as of July 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.63% |
| Gross expense ratio | 1.80% |
| Fee waiver | −0.09% |
| Net expense ratio | 1.71% |
| Sales charges | |
|---|---|
| Max front load | 4.75% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
RYAPX Costs Over Time
On $10,000 invested in RYAPX, assuming 5% a year before costs, total costs come to $1,611 over 5 years, cutting the return by 2.80% 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 | $475 | $475 | $475 |
| Fund expenses (net expense ratio 1.71%) | $171 | $530 | $912 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $24 | $101 | $224 |
| Total costs | $670 | $1,106 | $1,611 |
| Value after costs | $9,830 | $10,470 | $11,152 |
| Impact on return, per year | 6.70% | 3.46% | 2.80% |
RYAPX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0004%
- Total broker commissions: $107
- Bought from dealers (principal trades, not a cost): $2.4B
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
RYAPX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $107 | 100.00% |
RYAPX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $903.8M | 37.99% |
| BARCLAYS CAPITAL, INC. | $543.8M | 22.86% |
| BOFA SECURITIES, INC. | $540.9M | 22.74% |
| GOLDMAN SACHS & CO. LLC | $172.1M | 7.23% |
| BNP PARIBAS SECURITIES CORP. | $113.0M | 4.75% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $40.7M | 1.71% |
| CitiGroup Global Markets Inc. | $20.3M | 0.85% |
| Mizuho Securities USA LLC | $16.2M | 0.68% |
| BMO CAPITAL MARKETS CORP. | $15.6M | 0.65% |
| Daiwa Capital Markets America, Inc. | $12.7M | 0.54% |
Inverse NASDAQ-100 Strategy Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| RYAIX | Investor Class | 1.47% | — |
| RYAPX | Class A | 1.71% | 4.75% |
| RYALX | Class H | 1.73% | — |
| RYACX | Class C | 2.48% | 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.