CLSE Fees and Costs — Convergence Long/Short Equity ETF
Data updated: 2026-07-28
The net expense ratio is 1.52%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $215K in broker commissions, 0.1030% of average net assets, and portfolio turnover was 262%.
CLSE Fees and Expenses
Annual operating expenses and sales charges of CLSE. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | — |
| Other expenses | — |
| Gross expense ratio | 1.52% |
| Fee waiver | — |
| Net expense ratio | 1.52% |
| 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 |
CLSE Costs Over Time
On $10,000 invested in CLSE, assuming 5% a year before costs, total costs come to $1,003 over 5 years, cutting the return by 1.70% 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 1.52%) | $160 | $495 | $852 |
| Trading costs (broker commissions) | $11 | $34 | $58 |
| Lost growth on money paid in costs | $0 | $26 | $93 |
| Total costs | $170 | $555 | $1,003 |
| Value after costs | $10,330 | $11,022 | $11,760 |
| Impact on return, per year | 1.70% | 1.70% | 1.70% |
CLSE Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1030%
- Total broker commissions: $215K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 262%
- Securities lending: none during the year
CLSE Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| PERSHING LLC | $110K | 51.34% |
| MERRILL LYNCH INC. | $98K | 45.48% |
| MORGAN STANLEY & CO. LLC | $7K | 3.15% |
| VIRTU AMERICAS LLC | $50 | 0.02% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.