CYA Fees and Costs — Simplify Tail Risk Strategy ETF
Data updated: 2024-02-28
The net expense ratio is 0.84% (1.09% before fee waivers). There are no sales loads or redemption fees. In fiscal 2023 the fund paid $265K in broker commissions, 0.5894% of average net assets, and portfolio turnover was 68%.
CYA Fees and Expenses
Annual operating expenses and sales charges of CYA. Prospectus, as of February 28, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 1.09% |
| Fee waiver | −0.25% |
| Net expense ratio | 0.84% |
| 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 |
CYA Costs Over Time
On $10,000 invested in CYA, assuming 5% a year before costs, total costs come to $886 over 5 years, cutting the return by 1.50% 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 0.84%) | $88 | $274 | $473 |
| Trading costs (broker commissions) | $62 | $192 | $332 |
| Lost growth on money paid in costs | $0 | $23 | $82 |
| Total costs | $150 | $489 | $886 |
| Value after costs | $10,350 | $11,087 | $11,876 |
| Impact on return, per year | 1.50% | 1.50% | 1.50% |
CYA Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.5894%
- Total broker commissions: $265K
- Bought from dealers (principal trades, not a cost): $147.4M
- Portfolio turnover (prospectus): 68%
- Securities lending: none during the year
CYA Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INTERACTIVE BROKERS, LLC | $164K | 61.75% |
| STONEX FINANCIAL INC. | $91K | 34.32% |
| UBS Securities LLC | $8K | 3.15% |
| Wolverine Execution Services LLC | $1K | 0.38% |
| Jane Street Execution Services, LLC | $831 | 0.31% |
| MISCHLER FINANCIAL GROUP, INC. | $230 | 0.09% |
CYA Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $39.7M | 26.92% |
| Jane Street Execution Services, LLC | $35.5M | 24.06% |
| Wolverine Execution Services, LLC | $32.3M | 21.88% |
| J.P. Morgan Securities LLC | $16.7M | 11.33% |
| BOFA SECURITIES, INC. | $13.0M | 8.83% |
| VIRTU AMERICAS LLC | $8.6M | 5.82% |
| UBS SECURITIES LLC | $1.3M | 0.86% |
| INTERACTIVE BROKERS, LLC | $451K | 0.31% |
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.