ECSQX Fees and Costs — Embark Commodity Strategy Fund, Retirement Class
Data updated: 2026-09-25
The net expense ratio is 0.71%: a 0.66% management fee plus 0.08% other expenses, less a 0.03% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.6M in broker commissions, 0.0540% of average net assets, and portfolio turnover was 50%.
ECSQX Fees and Expenses
Annual operating expenses and sales charges of ECSQX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.66% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.08% |
| Gross expense ratio | 0.74% |
| Fee waiver | −0.03% |
| Net expense ratio | 0.71% |
| 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 | No |
ECSQX Costs Over Time
On $10,000 invested in ECSQX, assuming 5% a year before costs, total costs come to $480 over 5 years, cutting the return by 0.80% 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 0.71%) | $75 | $233 | $405 |
| Trading costs (broker commissions) | $6 | $18 | $31 |
| Lost growth on money paid in costs | $0 | $12 | $44 |
| Total costs | $80 | $263 | $480 |
| Value after costs | $10,420 | $11,313 | $12,283 |
| Impact on return, per year | 0.80% | 0.80% | 0.80% |
ECSQX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0540%
- Total broker commissions: $1.6M
- Bought from dealers (principal trades, not a cost): $6.2B
- Portfolio turnover (prospectus): 50%
- Securities lending: none during the year
ECSQX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $972K | 60.11% |
| Goldman Sachs & Co. LLC | $554K | 34.26% |
| State Street Bank and Trust Company | $91K | 5.63% |
ECSQX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY Capital Markets, LLC | $1.9B | 34.78% |
| San Paolo LLC | $941.6M | 17.65% |
| J.P. Morgan Securities LLC | $756.6M | 14.18% |
| Citadel Securities LLC | $368.7M | 6.91% |
| Nomura Securities International, Inc. | $303.5M | 5.69% |
| Citigroup Global Markets Inc. | $245.9M | 4.61% |
| Mizuho Securities USA LLC | $229.7M | 4.31% |
| Morgan Stanley & Co. LLC | $227.1M | 4.26% |
| HSBC Securities (USA) Inc. | $217.7M | 4.08% |
| Goldman Sachs & Co. LLC | $189.0M | 3.54% |
Embark Commodity Strategy Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| ECSQX | Retirement Class | 0.71% | — |
| ECSWX | Institutional Class | 0.79% | — |
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.