WAVIX Fees and Costs — Longboard Managed Futures Strategy Fund
Data updated: 2024-04-26
The net expense ratio is 2.99%. There are no sales loads or redemption fees. In fiscal 2023 the fund paid $21K in broker commissions, 0.0628% of average net assets, and portfolio turnover was 0%.
WAVIX Fees and Expenses
Annual operating expenses and sales charges of WAVIX. Prospectus, as of September 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 2.99% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 2.99% |
| Fee waiver | — |
| Net expense ratio | 2.99% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| 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 |
WAVIX Costs Over Time
On $10,000 invested in WAVIX, assuming 5% a year before costs, total costs come to $1,833 over 5 years, cutting the return by 3.21% 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 2.99%) | $314 | $959 | $1,627 |
| Trading costs (broker commissions) | $7 | $20 | $34 |
| Lost growth on money paid in costs | $0 | $49 | $171 |
| Total costs | $321 | $1,028 | $1,833 |
| Value after costs | $10,179 | $10,548 | $10,930 |
| Impact on return, per year | 3.21% | 3.21% | 3.21% |
WAVIX 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
WAVIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Marex North America, LLC | $21K | 100.00% |
WAVIX 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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.