SAFEX Fees and Costs — Ultra Short Government Fund, Institutional Class
Data updated: 2026-08-31
The net expense ratio is 0.33%: a 0.30% management fee plus 0.21% other expenses, less a 0.19% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 206%.
SAFEX Fees and Expenses
Annual operating expenses and sales charges of SAFEX. Prospectus, as of July 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.21% |
| Gross expense ratio | 0.52% |
| Fee waiver | −0.19% |
| Net expense ratio | 0.33% |
| 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 | Yes |
| Waived fees subject to recoupment | No |
SAFEX Costs Over Time
On $10,000 invested in SAFEX, assuming 5% a year before costs, total costs come to $209 over 5 years, cutting the return by 0.35% 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 0.33%) | $35 | $109 | $190 |
| Lost growth on money paid in costs | $0 | $5 | $19 |
| Total costs | $35 | $114 | $209 |
| Value after costs | $10,465 | $11,462 | $12,554 |
| Impact on return, per year | 0.35% | 0.35% | 0.35% |
SAFEX 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $592.2M
- Portfolio turnover (prospectus): 206%
- Securities lending: none during the year
SAFEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $272.4M | 46.38% |
| Wells Fargo Securities, LLC | $92.4M | 15.74% |
| J.P. Morgan Securities LLC | $80.2M | 13.65% |
| CIBC World Markets Corp. | $59.3M | 10.10% |
| Cabrera Capital Markets LLC | $22.0M | 3.75% |
| Cantor Fitzgerald & Co. | $14.0M | 2.38% |
| Goldman Sachs & Co. LLC | $13.9M | 2.37% |
| Citadel Securities LLC | $12.8M | 2.18% |
| StoneX Financial Inc. | $10.4M | 1.77% |
| TD Securities (USA) LLC | $9.9M | 1.68% |
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.