| Control/Establishment | Governed by an established/existing Board of Trustees and Officers, as well as pre-selected Fund Counsel. | Governed by a Board of Trustees and Officers that the client selects. |
| Creation Timelines | 4-5 months | 6-7 months |
| Creation Costs | Fees are normally paid by the adviser, not the fund. Likely a lower cost than standalone due to negotiated agreements. | Variable based on service provider selection. Fees are normally paid by the adviser, not the fund. |
| Operational Costs | Funds/advisers share trust fees with other entities in the trust, taking advantage of scale and efficiencies of the shared structure. | Funds/advisers are solely responsible for the fees associated with the trust. |
| Adviser Preference | A cost effective and time efficient way for advisers looking to launch a mutual fund. | Typically preferred by advisers looking to start a family of funds or wanting involvement in board selection/participation. |
| SEC Review | 75 days | Variable, no set time |
| 15C Process and Approval | Yes | Yes |