CAPE Fees and Costs — DoubleLine Shiller CAPE U.S. Equities ETF
Data updated: 2026-08-20
The net expense ratio is 0.65%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $90K in broker commissions, 0.0263% of average net assets, and portfolio turnover was 255%.
CAPE Fees and Expenses
Annual operating expenses and sales charges of CAPE. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.65% |
| Fee waiver | — |
| Net expense ratio | 0.65% |
| 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 |
CAPE Costs Over Time
On $10,000 invested in CAPE, assuming 5% a year before costs, total costs come to $426 over 5 years, cutting the return by 0.71% 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 0.65%) | $68 | $214 | $372 |
| Trading costs (broker commissions) | $3 | $9 | $15 |
| Lost growth on money paid in costs | $0 | $11 | $39 |
| Total costs | $71 | $233 | $426 |
| Value after costs | $10,429 | $11,343 | $12,337 |
| Impact on return, per year | 0.71% | 0.71% | 0.71% |
CAPE Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0263%
- Total broker commissions: $90K
- Bought from dealers (principal trades, not a cost): $250.3M
- Portfolio turnover (prospectus): 255%
- Securities lending: none during the year
CAPE Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Cantor Fitzgerald & Co. | $31K | 34.46% |
| Citadel Securities LLC | $17K | 19.07% |
| J.P. Morgan Securities LLC | $7K | 7.73% |
| BNP Paribas Securities Corp. | $7K | 7.69% |
| Citigroup Global Markets Inc. | $7K | 7.26% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $6K | 6.49% |
| Flow Traders B.V. | $5K | 5.75% |
| Susquehanna Financial Group, LLLP | $4K | 5.01% |
| Morgan Stanley & Co. LLC | $4K | 3.97% |
| BofA Securities, Inc. | $2K | 2.58% |
CAPE Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Cantor Fitzgerald & Co. | $221.7M | 88.58% |
| J.P. Morgan Securities LLC | $28.6M | 11.42% |
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.