RYPAX Fees and Costs — Transportation Fund, Class H
Data updated: 2026-08-28
The net expense ratio is 1.65%: a 0.85% management fee, a 0.25% 12b-1 fee plus 0.58% other expenses, less a 0.03% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $12K in broker commissions, 0.1720% of average net assets, and portfolio turnover was 207%.
RYPAX Fees and Expenses
Annual operating expenses and sales charges of RYPAX. Prospectus, as of July 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.58% |
| Gross expense ratio | 1.68% |
| Fee waiver | −0.03% |
| Net expense ratio | 1.65% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
RYPAX Costs Over Time
On $10,000 invested in RYPAX, assuming 5% a year before costs, total costs come to $1,121 over 5 years, cutting the return by 1.91% 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 1.65%) | $173 | $536 | $921 |
| Trading costs (broker commissions) | $18 | $56 | $96 |
| Lost growth on money paid in costs | $0 | $29 | $104 |
| Total costs | $191 | $621 | $1,121 |
| Value after costs | $10,309 | $10,955 | $11,642 |
| Impact on return, per year | 1.91% | 1.91% | 1.91% |
RYPAX 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): 0.1720%
- Total broker commissions: $12K
- Bought from dealers (principal trades, not a cost): $9.1M
- Portfolio turnover (prospectus): 207%
- Securities on loan, average value: $15K
- Net income from securities lending: $3K (0.048% of average net assets)
RYPAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CANTOR FITZGERALD & CO. | $4K | 37.12% |
| BTIG, LLC | $3K | 28.60% |
| INSTINET, LLC | $3K | 24.39% |
| BARCLAYS CAPITAL, INC. | $599 | 5.19% |
| UBS Securities LLC | $544 | 4.71% |
RYPAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $4.4M | 47.74% |
| BOFA SECURITIES, INC. | $2.5M | 27.00% |
| BARCLAYS CAPITAL, INC. | $2.3M | 25.26% |
Transportation Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| RYPIX | Investor Class | 1.40% | — |
| RYPAX | Class H | 1.65% | — |
| RYTSX | Class A | 1.65% | 4.75% |
| RYCNX | Class C | 2.40% | 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.