CPAI Fees and Costs — Counterpoint Quantitative Equity ETF
Data updated: 2026-08-28
The net expense ratio is 0.75%: a 0.65% management fee plus 0.32% other expenses, less a 0.22% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $80K in broker commissions, 0.1116% of average net assets, and portfolio turnover was 324%.
CPAI Fees and Expenses
Annual operating expenses and sales charges of CPAI. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.32% |
| Gross expense ratio | 0.97% |
| Fee waiver | −0.22% |
| Net expense ratio | 0.75% |
| 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 | Yes |
CPAI Costs Over Time
On $10,000 invested in CPAI, assuming 5% a year before costs, total costs come to $540 over 5 years, cutting the return by 0.90% 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 0.75%) | $79 | $246 | $427 |
| Trading costs (broker commissions) | $12 | $37 | $64 |
| Lost growth on money paid in costs | $0 | $14 | $49 |
| Total costs | $90 | $297 | $540 |
| Value after costs | $10,410 | $11,280 | $12,222 |
| Impact on return, per year | 0.90% | 0.90% | 0.90% |
CPAI 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): 0.1116%
- Total broker commissions: $80K
- Bought from dealers (principal trades, not a cost): $270.1M
- Portfolio turnover (prospectus): 324%
- Securities on loan, average value: $149K
- Net income from securities lending: $1K (0.002% of average net assets)
CPAI Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CREDIT SUISSE | $149K | 54.81% |
| Mischler Financial Group, Inc. | $69K | 25.27% |
| SUSQUEHANNA CAPITAL GROUP | $54K | 19.91% |
CPAI Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $159.9M | 84.47% |
| GOLDMAN SACHS | $21.4M | 11.30% |
| VIRTUS Americas LLC | $8.0M | 4.22% |
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.