Fees & Expenses
The Fund charges fees to cover the cost of managing and administering the fund’s investments. Some examples of expenses include administrative and regulatory fees, secure holding facilities and insurance, and selling fees. Below is a summary of the fees:
Management Fee
The Management Fee is 3% annually of the average daily net assets.
Administrative Fees
The annual Administrative Expense is 1.5%.
Brokerage Fee
The up front, one-time fee for all share purchases is 1%.
Total Annual Expenses
The total Annual Expenses of the Fund are 4.5% of the average daily net assets.
Redemption Fees
Based on the investment strategy and nature of the assets in the Fund, the Cardshares Fund is not meant for short-term trading. Share redemptions trigger sales of assets which, as mentioned above, lead to expenses tied to the selling process.
While the Fund will maintain a certain percentage of overall assets in a liquid Money Market Fund for these purposes, as well as timely acquisitions of assets that may come available in our market, the Cardshares Fund is not designed to be an actively “tradeable” asset for your portfolio.
The Cardshares Fund charges a back-end sales load, or contingent deferred sales charge (CDSC), when shares are redeemed. This fee is paid to the fund and is separate from any management fees. Share Redemption Fees are based on a 5-year slidable scale, meaning they are lower based on the length of time the asset is held. Here are the deferred fees:
- Shares held less than 1 year – 5%
- Shares held for 1 year but less than 2 years – 4%
- Shares held for 2 years but less than 3 years – 3%
- Shares held for 3 years but less than 4 years – 2%
- Shares held for 4 years but less than 5 years – 1%
- Shares held for 5 years or longer – 0%
