SMCAX Fees and Costs — ALPS | Smith Credit Opportunities Fund, Class A
Data updated: 2026-09-25
The net expense ratio is 1.20%: a 0.75% management fee, a 0.25% 12b-1 fee plus 0.34% other expenses, less a 0.14% fee waiver. This share class carries a maximum front-end sales load of 2.25%. In fiscal 2025 the fund paid $115 in broker commissions, 0.0001% of average net assets, and portfolio turnover was 140%.
SMCAX Fees and Expenses
Annual operating expenses and sales charges of SMCAX. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.34% |
| Gross expense ratio | 1.34% |
| Fee waiver | −0.14% |
| Net expense ratio | 1.20% |
| Sales charges | |
|---|---|
| Max front load | 2.25% |
| 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 | Yes |
SMCAX Costs Over Time
On $10,000 invested in SMCAX, assuming 5% a year before costs, total costs come to $1,018 over 5 years, cutting the return by 1.73% 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 |
| Sales charges | $225 | $225 | $225 |
| Fund expenses (net expense ratio 1.20%) | $123 | $383 | $664 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $11 | $54 | $129 |
| Total costs | $359 | $663 | $1,018 |
| Value after costs | $10,141 | $10,913 | $11,745 |
| Impact on return, per year | 3.59% | 2.04% | 1.73% |
SMCAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0001%
- Total broker commissions: $115
- Bought from dealers (principal trades, not a cost): $501.3M
- Portfolio turnover (prospectus): 140%
- Securities lending: none during the year
SMCAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JONESTRADING | $115 | 100.00% |
SMCAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITIDEL SECURITIES LLC | $65.9M | 17.05% |
| MERRILL LYNCH PROFESSIONAL CLEARING CORP. | $53.7M | 13.90% |
| MORGAN STANLEY | $44.2M | 11.43% |
| BARCLAYS CAPITAL INC. | $41.8M | 10.82% |
| GOLDMAN SACHS & CO. LLC | $38.3M | 9.91% |
| JPMORGAN DISTRIBUTION SERVICES, INC. | $36.0M | 9.31% |
| DEUTSCHE BANK SECURITIES INC. | $34.8M | 9.01% |
| HSBC SECURITIES (USA) INC. | $28.1M | 7.27% |
| JANE STREET CAPITAL, LLC | $22.0M | 5.70% |
| WELLS FARGO SECURITIES, LLC | $21.7M | 5.61% |
ALPS | Smith Credit Opportunities Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SMCRX | Class I | 0.90% | none |
| SMCAX | Class A | 1.20% | 2.25% |
| SMCVX | Investor Class | 1.20% | none |
| SMCCX | Class C | 1.90% | 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.