THSMX Fees and Costs — Toews Hedged Opportunity Fund
Data updated: 2026-09-28
The net expense ratio is 1.25%: a 1.00% management fee plus 0.52% other expenses, less a 0.27% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $23K in broker commissions, 0.0747% of average net assets, and portfolio turnover was 0%.
THSMX Fees and Expenses
Annual operating expenses and sales charges of THSMX. Prospectus, as of August 26, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.52% |
| Gross expense ratio | 1.52% |
| Fee waiver | −0.27% |
| Net expense ratio | 1.25% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
THSMX Costs Over Time
On $10,000 invested in THSMX, assuming 5% a year before costs, total costs come to $823 over 5 years, cutting the return by 1.39% 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 1.25%) | $131 | $408 | $705 |
| Trading costs (broker commissions) | $8 | $24 | $42 |
| Lost growth on money paid in costs | $0 | $21 | $76 |
| Total costs | $139 | $454 | $823 |
| Value after costs | $10,361 | $11,122 | $11,940 |
| Impact on return, per year | 1.39% | 1.39% | 1.39% |
THSMX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0747%
- Total broker commissions: $23K
- Bought from dealers (principal trades, not a cost): $268.4M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
THSMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| ED&F Man Capital Markets, Inc. | $23K | 97.00% |
| Maxim Group LLC | $236 | 1.01% |
| Mischler Financial Group, Inc. | $232 | 0.99% |
| JP Morgan Chase | $232 | 0.99% |
THSMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Fifth Third Securities, INC. | $264.1M | 98.39% |
| E D & F Man Capital Markets Inc. | $4.3M | 1.61% |
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.