FBL Fees and Costs — GraniteShares 2x Long META Daily ETF
Data updated: 2026-09-11
The net expense ratio is 1.09%: a 0.99% management fee plus 0.10% other expenses. There are no sales loads or redemption fees.
FBL Fees and Expenses
Annual operating expenses and sales charges of FBL. Prospectus, as of October 24, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.99% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.10% |
| Gross expense ratio | 1.09% |
| Fee waiver | — |
| Net expense ratio | 1.09% |
| 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 |
FBL Costs Over Time
On $10,000 invested in FBL, assuming 5% a year before costs, total costs come to $681 over 5 years, cutting the return by 1.14% 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 1.09%) | $114 | $357 | $618 |
| Lost growth on money paid in costs | $0 | $18 | $62 |
| Total costs | $114 | $374 | $681 |
| Value after costs | $10,386 | $11,202 | $12,082 |
| Impact on return, per year | 1.14% | 1.14% | 1.14% |
FBL Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $729.3M
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
FBL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $613.8M | 84.16% |
| GOLDMAN SACHS & CO. LLC | $55.6M | 7.63% |
| Cowen Financial Products | $40.1M | 5.50% |
| MORGAN STANLEY | $13.5M | 1.85% |
| CREDIT SUISSE SECURITIES (USA) LLC | $6.3M | 0.87% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.