SQBIX Fees and Costs — X-Square Balanced Fund, LLC, Institutional Class
Data updated: 2026-08-14
The net expense ratio is 1.61%: a 1.00% management fee plus 0.61% other expenses. This share class carries a redemption fee of 1.00%. In fiscal 2025 the fund paid $2K in broker commissions, 0.0028% of average net assets, and portfolio turnover was 10%.
SQBIX Fees and Expenses
Annual operating expenses and sales charges of SQBIX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.61% |
| Gross expense ratio | 1.61% |
| Fee waiver | — |
| Net expense ratio | 1.61% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 1.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
SQBIX Costs Over Time
On $10,000 invested in SQBIX, assuming 5% a year before costs, total costs come to $997 over 5 years, cutting the return by 1.69% 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 1.61%) | $169 | $524 | $903 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $26 | $92 |
| Total costs | $169 | $551 | $997 |
| Value after costs | $10,331 | $11,025 | $11,766 |
| Impact on return, per year | 1.69% | 1.69% | 1.69% |
SQBIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0028%
- Total broker commissions: $2K
- Bought from dealers (principal trades, not a cost): $41.9M
- Portfolio turnover (prospectus): 10%
- Securities lending: none during the year
SQBIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $746 | 46.54% |
| U.S. BANCORP INVESTMENTS, INC. | $626 | 39.05% |
| The Jeffrey Matthews Financial Group LLC | $230 | 14.35% |
| UBS SECURITIES LLC | $1 | 0.06% |
SQBIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $27.2M | 65.08% |
| U.S. BANCORP INVESTMENTS, INC. | $6.8M | 16.24% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $6.4M | 15.27% |
| NEXTGEN CAPITAL MARKETS, LLC | $1.4M | 3.41% |
X-Square Balanced Fund, LLC Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SQBIX | Institutional Class | 1.61% | none |
| SQBFX | Class A | 1.87% | 5.50% |
| SQCBX | Class C | 2.64% | 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.