AAPB Fees and Costs — GraniteShares 2x Long AAPL Daily ETF
Data updated: 2026-09-11
The net expense ratio is 1.15%: a 0.99% management fee plus 0.32% other expenses, less a 0.16% fee waiver. There are no sales loads or redemption fees.
AAPB Fees and Expenses
Annual operating expenses and sales charges of AAPB. Prospectus, as of October 24, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.99% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.32% |
| Gross expense ratio | 1.31% |
| Fee waiver | −0.16% |
| Net expense ratio | 1.15% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
AAPB Costs Over Time
On $10,000 invested in AAPB, assuming 5% a year before costs, total costs come to $717 over 5 years, cutting the return by 1.21% 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 1.15%) | $121 | $376 | $651 |
| Lost growth on money paid in costs | $0 | $19 | $66 |
| Total costs | $121 | $395 | $717 |
| Value after costs | $10,379 | $11,181 | $12,046 |
| Impact on return, per year | 1.21% | 1.21% | 1.21% |
AAPB Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $298.5M
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
AAPB Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $280.5M | 93.96% |
| Cowen Financial Products | $12.9M | 4.33% |
| Marex Capital Markets Inc. | $5.1M | 1.71% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.