CTEF Fees and Costs — Castellan Targeted Equity ETF
Data updated: 2026-09-23
The net expense ratio is 0.45%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $112K in broker commissions, 0.0240% of average net assets, and portfolio turnover was 89%.
CTEF Fees and Expenses
Annual operating expenses and sales charges of CTEF. Prospectus, as of September 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.45% |
| Fee waiver | — |
| Net expense ratio | 0.45% |
| 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 |
CTEF Costs Over Time
On $10,000 invested in CTEF, assuming 5% a year before costs, total costs come to $300 over 5 years, cutting the return by 0.50% 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 0.45%) | $47 | $148 | $259 |
| Trading costs (broker commissions) | $3 | $8 | $14 |
| Lost growth on money paid in costs | $0 | $8 | $27 |
| Total costs | $50 | $164 | $300 |
| Value after costs | $10,450 | $11,412 | $12,463 |
| Impact on return, per year | 0.50% | 0.50% | 0.50% |
CTEF Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0240%
- Total broker commissions: $112K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 89%
- Securities lending: none during the year
CTEF Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MIRAE ASSET SECURITIES (USA) INC. | $86K | 76.90% |
| SG AMERICAS SECURITIES LLC | $26K | 23.03% |
| STONEX FINANCIAL INC. | $80 | 0.07% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.