SROAX Fees and Costs — Dynamic U.S. Opportunity Fund
Data updated: 2026-09-08
The net expense ratio is 1.84% (2.14% before fee waivers). This share class carries a maximum front-end sales load of 5.75%, a deferred sales charge of up to 1.00% and a redemption fee of 2.00%. In fiscal 2025 the fund paid $5K in broker commissions, 0.0044% of average net assets, and portfolio turnover was 259%.
SROAX Fees and Expenses
Annual operating expenses and sales charges of SROAX. Prospectus, as of March 31, 2015.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.54% |
| Gross expense ratio | 2.14% |
| Fee waiver | −0.30% |
| Net expense ratio | 1.84% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 1.00% |
| Redemption fee | 2.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
SROAX Costs Over Time
On $10,000 invested in SROAX, assuming 5% a year before costs, total costs come to $1,803 over 5 years, cutting the return by 3.15% 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 | $672 | $575 | $575 |
| Fund expenses (net expense ratio 1.84%) | $182 | $563 | $968 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $29 | $119 | $258 |
| Total costs | $883 | $1,258 | $1,803 |
| Value after costs | $9,617 | $10,318 | $10,960 |
| Impact on return, per year | 8.83% | 3.95% | 3.15% |
SROAX 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): 0.0044%
- Total broker commissions: $5K
- Bought from dealers (principal trades, not a cost): $1.7M
- Portfolio turnover (prospectus): 259%
- Securities on loan, average value: $23.1M
- Net income from securities lending: $63K (0.059% of average net assets)
SROAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citadel Securities | $2K | 44.53% |
| Virtu Financial | $2K | 35.19% |
| Jane Street | $960 | 20.29% |
SROAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Jane Street | $1.7M | 100.00% |
Dynamic U.S. Opportunity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| ICSIX | Class I | 1.44% | none |
| ICSNX | Class N | 1.69% | none |
| SROAX | C000131811 | 1.84% | 5.75% |
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.