SDRIX Fees and Costs — Swan Defined Risk Fund, Class I
Data updated: 2026-09-11
The net expense ratio is 1.25%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $337K in broker commissions, 0.0539% of average net assets, and portfolio turnover was 12%.
SDRIX Fees and Expenses
Annual operating expenses and sales charges of SDRIX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.20% |
| Gross expense ratio | 1.25% |
| Fee waiver | — |
| Net expense ratio | 1.25% |
| 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 | No |
| Waived fees subject to recoupment | No |
SDRIX Costs Over Time
On $10,000 invested in SDRIX, assuming 5% a year before costs, total costs come to $811 over 5 years, cutting the return by 1.37% 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 1.25%) | $131 | $408 | $706 |
| Trading costs (broker commissions) | $6 | $18 | $30 |
| Lost growth on money paid in costs | $0 | $21 | $75 |
| Total costs | $137 | $447 | $811 |
| Value after costs | $10,363 | $11,129 | $11,952 |
| Impact on return, per year | 1.37% | 1.37% | 1.37% |
SDRIX 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): 0.0539%
- Total broker commissions: $337K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 12%
- Securities lending: none during the year
SDRIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JANE STREET | $214K | 63.38% |
| WALLACHBETH | $123K | 36.45% |
| DASH FINANCIAL | $554 | 0.16% |
| GOLDMAN SACHS | $26 | 0.01% |
| LASALLE ST. SECURITIES LLC | $7 | 0.00% |
Swan Defined Risk Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SDRIX | Class I | 1.25% | none |
| SDRAX | Class A | 1.50% | 5.50% |
| SDRCX | Class C | 2.25% | 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.