DALT Fees and Costs — Anfield Capital Diversified Alternatives ETF
Data updated: 2024-04-01
The net expense ratio is 2.92%. There are no sales loads or redemption fees. In fiscal 2023 the fund paid $9K in broker commissions, 0.0145% of average net assets, and portfolio turnover was 23%.
DALT Fees and Expenses
Annual operating expenses and sales charges of DALT. Prospectus, as of August 31, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.33% |
| Gross expense ratio | 2.92% |
| Fee waiver | — |
| Net expense ratio | 2.92% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
DALT Costs Over Time
On $10,000 invested in DALT, assuming 5% a year before costs, total costs come to $1,766 over 5 years, cutting the return by 3.08% 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 2.92%) | $307 | $938 | $1,593 |
| Trading costs (broker commissions) | $2 | $5 | $8 |
| Lost growth on money paid in costs | $0 | $47 | $165 |
| Total costs | $308 | $990 | $1,766 |
| Value after costs | $10,192 | $10,587 | $10,997 |
| Impact on return, per year | 3.08% | 3.08% | 3.08% |
DALT Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0145%
- Total broker commissions: $9K
- Bought from dealers (principal trades, not a cost): $61.5M
- Portfolio turnover (prospectus): 23%
- Securities lending: none during the year
DALT Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| VIRTU FINANCIAL | $9K | 100.00% |
DALT Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| INTERACTIVE BROKERS | $30.7M | 49.89% |
| VIRTU FINANCIAL | $13.3M | 21.62% |
| GOLDMAN SACHS | $8.6M | 13.90% |
| JPMORGAN CHASE | $7.4M | 12.05% |
| CITADEL SECURITIES | $1.1M | 1.81% |
| BANK OF AMERICA MERRILL LYNCH | $448K | 0.73% |
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.