CVAR Fees and Costs — Cultivar ETF
Data updated: 2026-10-13
The net expense ratio is 0.87%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $4K in broker commissions, 0.0112% of average net assets, and portfolio turnover was 57%.
CVAR Fees and Expenses
Annual operating expenses and sales charges of CVAR. Prospectus, as of November 26, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.87% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.87% |
| Fee waiver | — |
| Net expense ratio | 0.87% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
CVAR Costs Over Time
On $10,000 invested in CVAR, assuming 5% a year before costs, total costs come to $553 over 5 years, cutting the return by 0.93% 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 0.87%) | $91 | $285 | $496 |
| Trading costs (broker commissions) | $1 | $4 | $6 |
| Lost growth on money paid in costs | $0 | $14 | $51 |
| Total costs | $93 | $303 | $553 |
| Value after costs | $10,407 | $11,273 | $12,210 |
| Impact on return, per year | 0.93% | 0.93% | 0.93% |
CVAR 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): 0.0112%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $29.5M
- Portfolio turnover (prospectus): 57%
CVAR Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Robert W. Baird & Co. Incorporated | $2K | 48.49% |
| BNY Mellon Capital Markets, LLC | $956 | 22.68% |
| Mirae Asset Securities (USA) Inc. | $606 | 14.38% |
| BofA Securities, Inc. | $320 | 7.58% |
| J.P. Morgan Securities LLC | $243 | 5.77% |
| Morgan Stanley & Co. LLC | $47 | 1.11% |
CVAR Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Mirae Asset Securities (USA) Inc. | $5.6M | 21.49% |
| Goldman Sachs & Co. LLC | $4.4M | 17.06% |
| RBC Capital Markets, LLC | $2.4M | 9.35% |
| J.P. Morgan Securities LLC | $2.4M | 9.32% |
| StoneX Financial Inc. | $2.1M | 8.21% |
| Morgan Stanley & Co. LLC | $2.0M | 7.66% |
| Huntington Securities, Inc. | $1.9M | 7.20% |
| Oppenheimer & Co. Inc. | $1.8M | 6.76% |
| Santander US Capital Markets LLC | $1.7M | 6.74% |
| Pershing LLC | $1.6M | 6.22% |
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.