Performance

Management Expense Ratios

Since Tradex operates at an “at cost” basis, any excess revenue earned goes back to the Tradex Funds to reduce their management expense ratio. However, with the severe global bear markets of 2007 to March 9, 2009 the excess had reduced and MERs had risen due to the decline in market values over which the expenses were amortized.  However in 2012, we were able to reduce management expenses for the three Tradex Funds by a total of $226,000 as opposed to $214,700 in 2011 (versus $163,850 in 2010 and $30,000 in 2009) through rebating a portion of our operating revenue. With the significant initial market recovery both average assets and excess revenues contributed to lower MERs for 2012.