C000216184 Fees and Costs — AltShares Merger Arbitrage ETF
Data updated: 2026-08-12
The net expense ratio is 0.76%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $533K in broker commissions, 0.5587% of average net assets, and portfolio turnover was 431%.
C000216184 Fees and Expenses
Annual operating expenses and sales charges of C000216184. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.76% |
| Fee waiver | — |
| Net expense ratio | 0.76% |
| 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 | No |
C000216184 Costs Over Time
On $10,000 invested in C000216184, assuming 5% a year before costs, total costs come to $820 over 5 years, cutting the return by 1.38% 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 0.76%) | $80 | $248 | $429 |
| Trading costs (broker commissions) | $59 | $182 | $315 |
| Lost growth on money paid in costs | $0 | $21 | $75 |
| Total costs | $138 | $452 | $820 |
| Value after costs | $10,362 | $11,124 | $11,943 |
| Impact on return, per year | 1.38% | 1.38% | 1.38% |
C000216184 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.5587%
- Total broker commissions: $533K
- Bought from dealers (principal trades, not a cost): $712.5M
- Portfolio turnover (prospectus): 431%
- Securities lending: none during the year
C000216184 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Mischler Financial Group, Inc. | $203K | 38.05% |
| Jones & Associates, Inc. | $169K | 31.68% |
| Barclays Capital Inc. | $93K | 17.40% |
| Morgan Stanley & Co. LLC | $37K | 6.99% |
| Jefferies LLC | $25K | 4.74% |
| Cowen and Company, LLC | $4K | 0.78% |
| Bloomberg Tradebook LLC | $2K | 0.33% |
| Goldman Sachs & Co. LLC | $101 | 0.02% |
C000216184 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $400.8M | 58.54% |
| Morgan Stanley & Co. LLC | $283.5M | 41.41% |
| Jefferies LLC | $341K | 0.05% |
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.