AAA Fees and Costs — Alternative Access First Priority CLO Bond ETF
Data updated: 2026-08-21
The net expense ratio is 0.19%. There are no sales loads or redemption fees. Portfolio turnover was 32%.
AAA Fees and Expenses
Annual operating expenses and sales charges of AAA. Prospectus, as of July 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.19% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.19% |
| Fee waiver | — |
| Net expense ratio | 0.19% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
AAA Costs Over Time
On $10,000 invested in AAA, assuming 5% a year before costs, total costs come to $121 over 5 years, cutting the return by 0.20% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.19%) | $20 | $63 | $110 |
| Lost growth on money paid in costs | $0 | $3 | $11 |
| Total costs | $20 | $66 | $121 |
| Value after costs | $10,480 | $11,510 | $12,642 |
| Impact on return, per year | 0.20% | 0.20% | 0.20% |
AAA Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $21.8M
- Portfolio turnover (prospectus): 32%
- Securities lending: none during the year
AAA Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $20.4M | 93.58% |
| Brown Brothers Harriman & Co. | $1.4M | 6.42% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.