VOLSX Fees and Costs — Abr 75/25 Volatility Fund, Institutional Shares
Data updated: 2026-09-29
The net expense ratio is 1.75%: a 2.50% management fee plus 0.31% other expenses, less a 1.06% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $272K in broker commissions, 0.2068% of average net assets, and portfolio turnover was 1309%.
VOLSX Fees and Expenses
Annual operating expenses and sales charges of VOLSX. Prospectus, as of December 1, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 2.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.31% |
| Gross expense ratio | 2.81% |
| Fee waiver | −1.06% |
| Net expense ratio | 1.75% |
| 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 |
VOLSX Costs Over Time
On $10,000 invested in VOLSX, assuming 5% a year before costs, total costs come to $1,201 over 5 years, cutting the return by 2.05% 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 1.75%) | $184 | $568 | $974 |
| Trading costs (broker commissions) | $22 | $67 | $115 |
| Lost growth on money paid in costs | $0 | $32 | $111 |
| Total costs | $205 | $666 | $1,201 |
| Value after costs | $10,295 | $10,910 | $11,562 |
| Impact on return, per year | 2.05% | 2.05% | 2.05% |
VOLSX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.2068%
- Total broker commissions: $272K
- Bought from dealers (principal trades, not a cost): $616.2M
- Portfolio turnover (prospectus): 1309%
- Securities lending: none during the year
VOLSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INTL FCSTONE FINANCIAL INC. | $173K | 63.52% |
| ED&F MAN CAPITAL MARKETS INC. | $62K | 22.92% |
| CLEAR STREET, LLC | $37K | 13.56% |
VOLSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| INTL FCSTONE FINANCIAL INC. | $616.2M | 100.00% |
Abr 75/25 Volatility Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VOLSX | Institutional Shares | 1.75% | none |
| VOLJX | Investor Shares | 2.00% | 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.