CEFZ Fees and Costs — RiverNorth Active Income ETF
Data updated: 2026-10-14
The net expense ratio is 3.36%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $15K in broker commissions, 0.0401% of average net assets, and portfolio turnover was 58%.
CEFZ Fees and Expenses
Annual operating expenses and sales charges of CEFZ. Prospectus, as of July 29, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.89% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 3.36% |
| Fee waiver | — |
| Net expense ratio | 3.36% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
CEFZ Costs Over Time
On $10,000 invested in CEFZ, assuming 5% a year before costs, total costs come to $2,027 over 5 years, cutting the return by 3.57% 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 3.36%) | $353 | $1,074 | $1,815 |
| Trading costs (broker commissions) | $4 | $13 | $22 |
| Lost growth on money paid in costs | $0 | $55 | $190 |
| Total costs | $357 | $1,141 | $2,027 |
| Value after costs | $10,143 | $10,435 | $10,736 |
| Impact on return, per year | 3.57% | 3.57% | 3.57% |
CEFZ Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0401%
- Total broker commissions: $15K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 58%
CEFZ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JEFFERIES LLC | $5K | 32.18% |
| NATIONAL FINANCIAL SERVICES LLC | $4K | 25.63% |
| FIDELITY BROKERAGE SERVICES LLC | $3K | 19.42% |
| JONESTRADING | $1K | 7.80% |
| CITADEL SECURITIES LLC | $514 | 3.41% |
| OPPENHEIMER & CO. INC. | $492 | 3.27% |
| CLEAR STREET LLC | $449 | 2.98% |
| VIRTU FINANCIAL CAPITAL MARKETS LLC | $351 | 2.33% |
| CAPITAL INSTITUTIONAL SERVICES, INC. | $262 | 1.74% |
| BOFA SECURITIES, INC. | $189 | 1.25% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.