CLOZ Fees and Costs — Panagram BBB-B CLO ETF
Data updated: 2026-07-28
The net expense ratio is 0.50%. There are no sales loads or redemption fees. Portfolio turnover was 99%.
CLOZ Fees and Expenses
Annual operating expenses and sales charges of CLOZ. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.50% |
| Fee waiver | — |
| Net expense ratio | 0.50% |
| 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 |
CLOZ Costs Over Time
On $10,000 invested in CLOZ, assuming 5% a year before costs, total costs come to $316 over 5 years, cutting the return by 0.52% 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 0.50%) | $52 | $165 | $287 |
| Lost growth on money paid in costs | $0 | $8 | $29 |
| Total costs | $52 | $173 | $316 |
| Value after costs | $10,448 | $11,403 | $12,447 |
| Impact on return, per year | 0.52% | 0.52% | 0.52% |
CLOZ Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $332.9M
- Portfolio turnover (prospectus): 99%
- Securities lending: none during the year
CLOZ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $71.7M | 21.54% |
| Bank of America Securities Inc. | $66.0M | 19.83% |
| Citigroup Global Markets Inc. | $58.5M | 17.58% |
| Barclays Capital Inc. | $26.8M | 8.04% |
| Morgan Stanley & Co. LLC | $26.4M | 7.94% |
| J.P. Morgan Securities LLC | $22.1M | 6.64% |
| Robert W. Baird & Co. Inc. | $19.9M | 5.97% |
| RBC Capital Markets LLC | $16.6M | 4.99% |
| BNP Paribas Securities Corp. | $12.7M | 3.81% |
| Wells Fargo Securities LLC | $12.2M | 3.66% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.