SPCAX Fees and Costs — SilverPepper Commodity Strategies Global Macro Fund, Advisor Class
Data updated: 2023-11-29
The net expense ratio is 1.99%: a 1.50% management fee plus 0.49% other expenses. There are no sales loads or redemption fees. In fiscal 2023 the fund paid $1.1M in broker commissions, 0.6678% of average net assets, and portfolio turnover was 0%.
SPCAX Fees and Expenses
Annual operating expenses and sales charges of SPCAX. Prospectus, as of October 31, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 1.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.49% |
| Gross expense ratio | 1.99% |
| Fee waiver | — |
| Net expense ratio | 1.99% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
SPCAX Costs Over Time
On $10,000 invested in SPCAX, assuming 5% a year before costs, total costs come to $1,608 over 5 years, cutting the return by 2.79% 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 1.99%) | $209 | $641 | $1,092 |
| Trading costs (broker commissions) | $70 | $215 | $366 |
| Lost growth on money paid in costs | $0 | $43 | $150 |
| Total costs | $279 | $899 | $1,608 |
| Value after costs | $10,221 | $10,678 | $11,155 |
| Impact on return, per year | 2.79% | 2.79% | 2.79% |
SPCAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.6678%
- Total broker commissions: $1.1M
- Bought from dealers (principal trades, not a cost): $214.4M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
SPCAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| SOCIETE GENERALE | $790K | 75.55% |
| Cme Group Inc. | $130K | 12.43% |
| ROCK RIVER COMM | $62K | 5.97% |
| BNP PARIBAS SECURITIES CORP. | $39K | 3.70% |
| MAREX SPECTRON GROUP LIMITED | $19K | 1.84% |
| INTERACTIVE BROKERS CORP. | $5K | 0.52% |
SPCAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| SOCIETE GENERALE | $208.6M | 97.26% |
| INTERACTIVE BROKERS CORP. | $5.9M | 2.74% |
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.