Expense Ratio History

SDCAX expense ratio history

Swan Defined Risk U.S. Small Cap Fund, Swan Defined Risk U.S. Small Cap Fund Class A Shares

Fund company
Northern Trust
Type
Mutual fund

2.09%

In basis points
209 basis points
Yearly cost per $10,000
$209
Prospectus dated
1 November 2024, filed with the SEC; rounded to 0.01%
Last change
Raised from 1.96% on 1 November 2024

Fee over time

SDCAX expense ratio: 1.93% until 1 Nov 2016, then 5.04%; 5.04% until 1 Nov 2017, then 2.35%; 2.35% until 1 Nov 2018, then 2.12%; 2.12% until 28 Oct 2019, then 2.06%; 2.06% until 27 Oct 2020, then 2.17%; 2.17% until 1 Nov 2021, then 2.07%; 2.07% until 1 Nov 2022, then 2.01%; 2.01% until 1 Nov 2023, then 1.96%; 1.96% until 1 Nov 2024, then 2.09%; read at 2.09% on 1 Nov 2024.0.00%2.00%4.00%6.00%8.00%Oct 2015May 2017Dec 2018Jul 2020Feb 2022Sep 20231.93% before2.09% from 1 Nov 2024
SDCAX expense ratio: 1.93% until 1 Nov 2016, then 5.04%; 5.04% until 1 Nov 2017, then 2.35%; 2.35% until 1 Nov 2018, then 2.12%; 2.12% until 28 Oct 2019, then 2.06%; 2.06% until 27 Oct 2020, then 2.17%; 2.17% until 1 Nov 2021, then 2.07%; 2.07% until 1 Nov 2022, then 2.01%; 2.01% until 1 Nov 2023, then 1.96%; 1.96% until 1 Nov 2024, then 2.09%; read at 2.09% on 1 Nov 2024.0.00%2.00%4.00%6.00%8.00%Oct 2015Nov 2018Dec 20211.93% before2.09% from 1 Nov 2024
Solid line: the fee in effect after each recorded change. Dashed: the fee before it. Dots: prospectuses filed with the SEC and dates we read the fee from a source.

Share classes

The same fund is sold as 4 share classes, each with its own fee. Figures are from each class's latest prospectus in SEC filings, rounded to 0.01%.

TickerShare classFeeAfter waiversProspectus dated
SDCAX (this page) Swan Defined Risk U.S. Small Cap Fund Class A Shares 2.09% 1.83% 1 Nov 2024
SDCCX Swan Defined Risk U.S. Small Cap Fund Class C Shares 2.84% 2.58% 1 Nov 2024
SDCIX Swan Defined Risk U.S. Small Cap Fund Class I Shares 1.84% 1.58% 1 Nov 2024
— — 1.92% 1.28% 1 Jul 2021

Every figure we've recorded

DateFeeWhat happened
1 Nov 2024 2.09% In the prospectusTotal annual fund operating expenses in the prospectus dated 2024-11-01 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
1 Nov 2024 2.09% Raised from 1.96% to 2.09%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2024-10-25
1 Nov 2023 1.96% In the prospectusTotal annual fund operating expenses in the prospectus dated 2023-11-01 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
1 Nov 2023 1.96% Cut from 2.01% to 1.96%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2023-10-26
1 Nov 2022 2.01% In the prospectusTotal annual fund operating expenses in the prospectus dated 2022-11-01 (form 485BPOS), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 485BPOS
1 Nov 2022 2.01% Cut from 2.07% to 2.01%Prospectus date; the new figure appears in this filingSource: Prospectus (form 485BPOS) filed with the SEC on 2022-10-26
1 Nov 2021 2.07% In the prospectusTotal annual fund operating expenses in the prospectus dated 2021-11-01 (form 497), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 497
1 Nov 2021 2.07% Cut from 2.17% to 2.07%Prospectus date; the new figure appears in this filingSource: Prospectus (form 497) filed with the SEC on 2021-11-15
1 Jul 2021 2.17% In the prospectusTotal annual fund operating expenses in the prospectus dated 2021-07-01 (form 497), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 497
27 Oct 2020 2.17% In the prospectusTotal annual fund operating expenses in the prospectus dated 2020-10-27 (form 497), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 497
27 Oct 2020 2.17% Raised from 2.06% to 2.17%Prospectus date; the new figure appears in this filingSource: Prospectus (form 497) filed with the SEC on 2020-11-13
28 Oct 2019 2.06% In the prospectusTotal annual fund operating expenses in the prospectus dated 2019-10-28 (form 497), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 497
28 Oct 2019 2.06% Cut from 2.12% to 2.06%Prospectus date; the new figure appears in this filingSource: Prospectus (form 497) filed with the SEC on 2019-12-03
14 Dec 2018 2.12% In the prospectusTotal annual fund operating expenses in the prospectus dated 2018-12-14 (form 497), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 497
1 Nov 2018 2.12% In the prospectusTotal annual fund operating expenses in the prospectus dated 2018-11-01 (form 497), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 497
1 Nov 2018 2.12% Cut from 2.35% to 2.12%Prospectus date; the new figure appears in this filingSource: Prospectus (form 497) filed with the SEC on 2018-11-30
1 Nov 2017 2.35% In the prospectusTotal annual fund operating expenses in the prospectus dated 2017-11-01 (form 497), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 497
1 Nov 2017 2.35% Cut from 5.04% to 2.35%Prospectus date; the new figure appears in this filingSource: Prospectus (form 497) filed with the SEC on 2017-12-06
31 Jan 2017 5.04% In the prospectusTotal annual fund operating expenses in the prospectus dated 2017-01-31 (form 497), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 497
1 Nov 2016 5.04% In the prospectusTotal annual fund operating expenses in the prospectus dated 2016-11-01 (form 497), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 497
1 Nov 2016 5.04% Raised from 1.93% to 5.04%Prospectus date; the new figure appears in this filingSource: Prospectus (form 497) filed with the SEC on 2016-12-09
28 Oct 2015 1.93% In the prospectusTotal annual fund operating expenses in the prospectus dated 2015-10-28 (form 497), from SEC bulk data, which rounds to 0.01%Source: SEC EDGAR filing, form 497

What this fee costs

Change the amount, years or return. The estimate keeps the fee at 2.09% and the return steady each year, the same assumptions as the cost example in a fund's prospectus.

$2,440 in fees over 10 years

After fees, $10,000 grows to $13,255.

Fees paid on $10,000 at 5% a year
AfterFees paid
1 year$214
3 years$661
5 years$1,134
10 years$2,440

How we read this figure

The figure is the total annual fund operating expenses line of the fee table in the fund's prospectus, as tagged in the fund company's filing with the SEC. The SEC publishes these figures rounded to four decimal places, so 0.015% appears as 0.02%. The fund company's own page may show a more precise number.

SEC filings give 13 prospectuses for this share class since 2015. Each one is listed above with a link to the filing.

How we read fees

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