SDAYX Fees and Costs — Swan Defined Risk Growth Fund, Class Y
Data updated: 2026-09-11
The net expense ratio is 1.05% (2.11% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $41K in broker commissions, 0.0774% of average net assets, and portfolio turnover was 54%.
SDAYX Fees and Expenses
Annual operating expenses and sales charges of SDAYX. Prospectus, as of June 30, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.08% |
| Gross expense ratio | 2.11% |
| Fee waiver | −1.06% |
| Net expense ratio | 1.05% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
SDAYX Costs Over Time
On $10,000 invested in SDAYX, assuming 5% a year before costs, total costs come to $703 over 5 years, cutting the return by 1.18% 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 1.05%) | $110 | $344 | $595 |
| Trading costs (broker commissions) | $8 | $25 | $44 |
| Lost growth on money paid in costs | $0 | $18 | $65 |
| Total costs | $118 | $387 | $703 |
| Value after costs | $10,382 | $11,189 | $12,059 |
| Impact on return, per year | 1.18% | 1.18% | 1.18% |
SDAYX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0774%
- Total broker commissions: $41K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 54%
- Securities lending: none during the year
SDAYX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JANE STREET | $21K | 50.98% |
| GOLDMAN SACHS | $10K | 24.93% |
| WALLACHBETH | $10K | 24.00% |
| DASH FINANCIAL | $35 | 0.09% |
Swan Defined Risk Growth Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SDAYX | Class Y | 1.05% | none |
| SDAIX | Class I | 1.43% | none |
| SDAAX | Class A | 1.68% | 5.50% |
| SDACX | Class C | 2.43% | 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.