TMREX Fees and Costs — Toews Managed Risk Equity Fund
Data updated: 2026-09-28
The net expense ratio is 1.25%: a 1.00% management fee plus 0.38% other expenses, less a 0.13% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $28K in broker commissions, 0.0404% of average net assets, and portfolio turnover was 0%.
TMREX Fees and Expenses
Annual operating expenses and sales charges of TMREX. Prospectus, as of August 26, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.38% |
| Gross expense ratio | 1.38% |
| Fee waiver | −0.13% |
| 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 |
TMREX Costs Over Time
On $10,000 invested in TMREX, assuming 5% a year before costs, total costs come to $802 over 5 years, cutting the return by 1.35% 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 | $706 |
| Trading costs (broker commissions) | $4 | $13 | $23 |
| Lost growth on money paid in costs | $0 | $21 | $74 |
| Total costs | $135 | $442 | $802 |
| Value after costs | $10,365 | $11,134 | $11,960 |
| Impact on return, per year | 1.35% | 1.35% | 1.35% |
TMREX 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): 0.0404%
- Total broker commissions: $28K
- Bought from dealers (principal trades, not a cost): $638.7M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
TMREX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| ED&F Man Capital Markets, Inc. | $28K | 100.00% |
TMREX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Fifth Third Securities, INC. | $609.9M | 95.50% |
| ED&F Man Capital Markets, Inc. | $28.8M | 4.50% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.