FRWD Fees and Costs — Nomura Transformational Technologies ETF
Data updated: 2026-08-26
The net expense ratio is 0.65%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $3K in broker commissions, 0.0080% of average net assets, and portfolio turnover was 11%.
FRWD Fees and Expenses
Annual operating expenses and sales charges of FRWD. Prospectus, as of July 29, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.65% |
| Fee waiver | — |
| Net expense ratio | 0.65% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
FRWD Costs Over Time
On $10,000 invested in FRWD, assuming 5% a year before costs, total costs come to $414 over 5 years, cutting the return by 0.69% 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 0.65%) | $68 | $214 | $372 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $11 | $38 |
| Total costs | $69 | $227 | $414 |
| Value after costs | $10,431 | $11,349 | $12,348 |
| Impact on return, per year | 0.69% | 0.69% | 0.69% |
FRWD Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0080%
- Total broker commissions: $3K
- Bought from dealers (principal trades, not a cost): $47.3M
- Portfolio turnover (prospectus): 11%
- Securities lending: none during the year
FRWD Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $2K | 63.00% |
| Barclays Capital, Inc. | $428 | 12.84% |
| UBS Securities LLC | $383 | 11.48% |
| Truist Securities, Inc. | $137 | 4.10% |
| Morgan Stanley & Co. LLC | $92 | 2.76% |
| J.P. Morgan Securities LLC | $83 | 2.49% |
| Berenberg Capital Markets LLC | $31 | 0.93% |
| Jefferies LLC | $31 | 0.92% |
| Stuart Frankel & Co., Incorporated | $27 | 0.81% |
| Goldman Sachs & Co. LLC | $23 | 0.68% |
FRWD Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Jane Street Capital, LLC | $27.4M | 57.95% |
| BofA Securities, Inc. | $12.6M | 26.75% |
| J.P. Morgan Securities LLC | $7.2M | 15.30% |
| UBS Securities LLC | $2K | 0.00% |
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.