ARP Fees and Costs — PMV Adaptive Risk Parity ETF
Data updated: 2026-09-28
The net expense ratio is 1.42% (1.88% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $53K in broker commissions, 0.1397% of average net assets, and portfolio turnover was 203%.
ARP Fees and Expenses
Annual operating expenses and sales charges of ARP. Prospectus, as of March 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | — |
| Other expenses | 0.81% |
| Gross expense ratio | 1.88% |
| Fee waiver | −0.46% |
| Net expense ratio | 1.42% |
| 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 |
ARP Costs Over Time
On $10,000 invested in ARP, assuming 5% a year before costs, total costs come to $965 over 5 years, cutting the return by 1.64% 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 1.42%) | $149 | $463 | $797 |
| Trading costs (broker commissions) | $15 | $46 | $78 |
| Lost growth on money paid in costs | $0 | $25 | $89 |
| Total costs | $164 | $533 | $965 |
| Value after costs | $10,336 | $11,043 | $11,798 |
| Impact on return, per year | 1.64% | 1.64% | 1.64% |
ARP Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1397%
- Total broker commissions: $53K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 203%
- Securities lending: none during the year
ARP Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN, SACHS & CO. | $53K | 100.00% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.