SMILX Fees and Costs — SMI Multi-Strategy Fund
Data updated: 2026-09-29
The net expense ratio is 1.71%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $20K in broker commissions, 0.0388% of average net assets, and portfolio turnover was 187%.
SMILX Fees and Expenses
Annual operating expenses and sales charges of SMILX. Prospectus, as of March 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.42% |
| Gross expense ratio | 1.71% |
| Fee waiver | — |
| Net expense ratio | 1.71% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
SMILX Costs Over Time
On $10,000 invested in SMILX, assuming 5% a year before costs, total costs come to $1,078 over 5 years, cutting the return by 1.84% 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 1.71%) | $180 | $556 | $956 |
| Trading costs (broker commissions) | $4 | $13 | $22 |
| Lost growth on money paid in costs | $0 | $28 | $100 |
| Total costs | $184 | $597 | $1,078 |
| Value after costs | $10,316 | $10,979 | $11,685 |
| Impact on return, per year | 1.84% | 1.84% | 1.84% |
SMILX 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): 0.0388%
- Total broker commissions: $20K
- Bought from dealers (principal trades, not a cost): $69.3M
- Portfolio turnover (prospectus): 187%
- Securities lending: none during the year
SMILX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| WOLVERINE EXECUTION SERVICES L.L.C. | $20K | 100.00% |
SMILX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WOLVERINE EXECUTION SERVICES L.L.C. | $128.1M | 75.11% |
| HUNTINGTON NATIONAL BANK | $42.5M | 24.89% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.