INSTITUTIONAL SHARE CLASS: GIVYX
The Greenwich Ivy Long-Short Fund (the “Fund”) currently has one share class, available through the ticker symbol GIVYX.
Inception Date: 12/04/2019
The initial investment minimum for the Institutional Share Class (GIVYX) is $1,000. Subsequent additions can be made in increments of $100.
Initial Investment: $1,000
Subsequent Investment: $100
The Fund is available on several investment platforms, including Schwab, TD Ameritrade, Pershing, and Axos.
The Greenwich Ivy Long-Short Fund has a Management Fee of 1.5%.
The Fund’s “Adjusted Expense Ratio” as calculated by Morningstar, and as defined below, is 1.85%.
Expenses Related to Short Positions
As a long-short fund, the Fund incurs expenses related to the short positions in the portfolio, such as interest and dividend expenses for the securities sold short. As per guidelines from the Securities and Exchange Commission, these expenses are also included in the calculation of Annual Fund Operating Expenses, as shown herewith.
To adjust for such expenses related to short positions, Morningstar calculates an “Adjusted Expense Ratio”, which according to Morningstar, excludes “certain variable investment-related expenses, such as interest from borrowings and dividends on borrowed securities, allowing for more consistent cost comparisons across funds”. As per the above definition, The Fund’s “Adjusted Expense Ratio” as calculated by Morningstar is 1.85%.
Fee Reduction and Expense Reimbursement
The Fund’s adviser, Greenwich Ivy Capital LLC, has contractually agreed to reduce its fees and to reimburse expenses, at least through January 31, 2024, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement (exclusive of any front-end or contingent deferred loads, taxes, leverage interest, borrowing interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expense on securities sold short, acquired (underlying) fund fees and expenses or extraordinary expenses such as litigation) will not exceed 1.85% of the average daily net assets attributable to the Institutional Class shares.
Annual Fund Operating Expenses: Share Class GIVYX
Management Fees: 1.50%
Distribution and/or Service (12b-1) Fees: None
Interest and Dividend Expenses Related to Short Selling: 0.82%
Remaining Other Expenses: 1.23%
Acquired Fund Fees and Expenses: 0.13%
Total Annual Fund Operating Expenses (includes Management Fees): 3.68%
Fee Waiver and/or Expense Reimbursement: (0.88)%
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement: 2.80%