MAAT Total Expense Ratio 4.28%!!!, page-6

But that table is based on previous 5 years - right?

They are forced to rely upon this data to provide an estimate of fees.

It's definitely not the locked in figure, as it is impossible to predict total management costs, performance fees, transaction fees without relating back to historical figures.

These are not locked in fees and they don't relate to minimum fees. They are simply historical averages to demonstrate what has occurred in the past.

I think you will find when you enquire with the company, this is the case. It is the same for all funds - which rely upon historical averages.

The minimum base management fee is 1.38.

Nevertheless, I am sure there are going to be a lot of questions to management.