USBNX Fees and Costs — Pear Tree Polaris Small Cap Fund, Ordinary Shares
Data updated: 2026-08-25
The net expense ratio is 0.00% (1.35% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $40K in broker commissions, 0.0431% of average net assets, and portfolio turnover was 37%.
USBNX Fees and Expenses
Annual operating expenses and sales charges of USBNX. Prospectus, as of July 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.30% |
| Gross expense ratio | 1.35% |
| Fee waiver | — |
| Net expense ratio | 0.00% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
USBNX Costs Over Time
On $10,000 invested in USBNX, assuming 5% a year before costs, total costs come to $27 over 5 years, cutting the return by 0.05% 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 0.00%) | $0 | $0 | $0 |
| Trading costs (broker commissions) | $5 | $14 | $25 |
| Lost growth on money paid in costs | $0 | $1 | $2 |
| Total costs | $5 | $15 | $27 |
| Value after costs | $10,495 | $11,561 | $12,735 |
| Impact on return, per year | 0.05% | 0.05% | 0.05% |
USBNX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0431%
- Total broker commissions: $40K
- Bought from dealers (principal trades, not a cost): $77.3M
- Portfolio turnover (prospectus): 37%
- Securities lending: none during the year
USBNX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| LIQUIDNET | $11K | 31.80% |
| Robert W. Baird & Co. | $5K | 13.55% |
| Hovde Group LLC | $4K | 10.67% |
| HSBC SECURITIES | $3K | 8.59% |
| BOFA | $3K | 7.89% |
| OPPENHEIMER | $2K | 6.51% |
| Stifel, Nicolaus & company, Inc. | $2K | 5.80% |
| RAYMOND JAMES | $2K | 5.66% |
| Benchmark Securities LLC | $2K | 5.13% |
| JEFFERIES & CO., INC | $2K | 4.40% |
USBNX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| LIQUIDNET | $41.6M | 59.59% |
| Robert W. Baird & Co. | $6.1M | 8.79% |
| BOFA | $5.5M | 7.85% |
| Benchmark Securities LLC | $4.1M | 5.94% |
| OPPENHEIMER | $2.7M | 3.91% |
| JEFFERIES & CO., INC | $2.4M | 3.51% |
| Hovde Group LLC | $2.2M | 3.10% |
| RAYMOND JAMES | $1.8M | 2.51% |
| HSBC SECURITIES | $1.7M | 2.41% |
| Stifel, Nicolaus & company, Inc. | $1.7M | 2.39% |
Pear Tree Polaris Small Cap Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| USBNX | Ordinary Shares | 0.00% | — |
| QBNRX | R6 Shares | 0.94% | — |
| QBNAX | Institutional Shares | 0.97% | — |
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.