SAPEX Fees and Costs — Spectrum Active Advantage Fund, Investor Class
Data updated: 2026-08-14
The net expense ratio is 2.88%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $8K in broker commissions, 0.0828% of average net assets, and portfolio turnover was 870%.
SAPEX Fees and Expenses
Annual operating expenses and sales charges of SAPEX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.50% |
| 12b-1 fee | — |
| Other expenses | 0.38% |
| Gross expense ratio | 2.88% |
| Fee waiver | — |
| Net expense ratio | 2.88% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
SAPEX Costs Over Time
On $10,000 invested in SAPEX, assuming 5% a year before costs, total costs come to $1,782 over 5 years, cutting the return by 3.11% 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 2.88%) | $302 | $924 | $1,570 |
| Trading costs (broker commissions) | $9 | $27 | $45 |
| Lost growth on money paid in costs | $0 | $48 | $167 |
| Total costs | $311 | $999 | $1,782 |
| Value after costs | $10,189 | $10,577 | $10,981 |
| Impact on return, per year | 3.11% | 3.11% | 3.11% |
SAPEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0828%
- Total broker commissions: $8K
- Bought from dealers (principal trades, not a cost): $39.2M
- Portfolio turnover (prospectus): 870%
- Securities lending: none during the year
SAPEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Ceros Financial Services, Inc. | $8K | 100.00% |
SAPEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Ceros Financial Services, Inc. | $39.2M | 100.00% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.