WAVEX Fees and Costs — Longboard Managed Futures Strategy Fund
Data updated: 2024-04-26
The net expense ratio is 3.24%. This share class carries a maximum front-end sales load of 5.75% and a deferred sales charge of up to 1.00%. In fiscal 2023 the fund paid $21K in broker commissions, 0.0628% of average net assets, and portfolio turnover was 0%.
WAVEX Fees and Expenses
Annual operating expenses and sales charges of WAVEX. Prospectus, as of September 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 2.99% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 3.24% |
| Fee waiver | — |
| Net expense ratio | 3.24% |
| Sales charges | |
|---|---|
| Max front load | 5.75% |
| Max deferred load | 1.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
WAVEX Costs Over Time
On $10,000 invested in WAVEX, assuming 5% a year before costs, total costs come to $2,593 over 5 years, cutting the return by 4.66% 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 | $671 | $575 | $575 |
| Fund expenses (net expense ratio 3.24%) | $321 | $977 | $1,653 |
| Trading costs (broker commissions) | $6 | $19 | $32 |
| Lost growth on money paid in costs | $29 | $141 | $333 |
| Total costs | $1,026 | $1,711 | $2,593 |
| Value after costs | $9,474 | $9,865 | $10,169 |
| Impact on return, per year | 10.26% | 5.45% | 4.66% |
WAVEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0628%
- Total broker commissions: $21K
- Bought from dealers (principal trades, not a cost): $59.4M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
WAVEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Marex North America, LLC | $21K | 100.00% |
WAVEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. Bancorp Investments, Inc. | $59.4M | 100.00% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.