This table describes the fees and expenses that you may pay if you buy, sell, and hold shares of the Fund. Investors purchasing or selling shares of the Fund in the secondary market may be subject to costs (including customary brokerage commissions) charged by their broker. The fee table located in the prospectus and updates in prospectus supplements prevail.
| Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) |
| Management Fees1 |
2.75% |
| Distribution and Service (12b-1) Fees |
0.00% |
| Other Expenses2 |
0.00% |
| Acquired Fund Fees and Expenses3 |
0.01% |
| Total Annual Fund Operating Expenses |
2.76% |
| Fee Waiver4 |
(0.25)% |
| Total Annual Fund Operating Expenses After Fee Waiver |
2.51% |
1. Estimated for the Fund’s initial fiscal year. The Fund has agreed to pay the adviser as compensation under a management agreement a monthly advisory fee (as a percentage of daily net assets) computed at the annual rate of 2.75% on assets up to $1 billion; 2.50% on assets over $1 billion and less than $5 billion; 2.00% on assets over $5 billion and less than $10 billion; and 1.00% on assets over $10 billion.
2. Other Expenses are estimated for the Fund’s initial fiscal year.
3. Acquired Fund Fees and Expenses, are estimated for the Fund’s initial fiscal year, are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund’s financial highlights located in the prospectus because the financial statements include only the direct operating expenses incurred by the Fund.
4. The adviser and sub-adviser have collectively agreed to waive 0.25% of the management and sub-advisory fee on an annualized basis through December 31, 2024. This waiver may be terminated by the Fund’s Board of Trustees on 60 days’ notice and terminates automatically if the management agreement or sub-advisory agreement is terminated.
