Commission Recapture
By executing trades through our desk or one of our correspondent brokers, you can receive significant rebates on your commission expenses. Commission Recapture returns a portion of the commission paid directly back to the Fund, thus lowering expenses and increasing investment returns. On a monthly basis, the Fund receives a check for a portion of the commission costs. You will be required to sign a Commission Recapture Agreement if this option is chosen and send your managers a Directed Brokerage Letter informing them of your decision. Your Fund's assets are segregated at our clearing firm and are insured by traditional SIPC insurance as well as $150M additional insurance provided by Broadcort. Detailed monthly statements are provided to the Fund, consultant and manager(s).

Expense Reduction
Through expense reduction, the Fund minimizes fees and other related costs by accumulating research credits at CAPIS. We set aside a portion of the brokerage cost to offset legitimate Fund expenses. The process is the same as for the Commission Recapture program except that CAPIS will pay for the fees on the Fund's behalf with the accumulated credits. This option relieves the Fund of paying hard dollars for expenses, improving your bottom line.

Discount Brokerage
Discount Brokerage allows your investment managers to trade at discounted commission rates in your account. The discount rate is typically $0.02 to $0.03. Lower commissions at the time of the trade translate into immediate benefits to the Fund. The direction and trading process is the same as for Commission Recapture except that instead of trading at a higher rate and receiving back a portion of that commission rate, the Fund's managers trade at a rate comparable to the effective recapture rate.

For more information, download a brochure on Plan Sponsor Services (pdf) or contact your CAPIS Sales Executive.