GMMA Fees and Costs — GammaRoad Market Navigation ETF
Data updated: 2026-07-21
The net expense ratio is 0.75% (0.86% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1K in broker commissions, 0.0336% of average net assets, and portfolio turnover was 315%.
GMMA Fees and Expenses
Annual operating expenses and sales charges of GMMA. Prospectus, as of December 29, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.86% |
| Fee waiver | −0.11% |
| Net expense ratio | 0.75% |
| 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 |
GMMA Costs Over Time
On $10,000 invested in GMMA, assuming 5% a year before costs, total costs come to $492 over 5 years, cutting the return by 0.82% 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 0.75%) | $79 | $246 | $428 |
| Trading costs (broker commissions) | $4 | $11 | $19 |
| Lost growth on money paid in costs | $0 | $13 | $45 |
| Total costs | $82 | $270 | $492 |
| Value after costs | $10,418 | $11,306 | $12,271 |
| Impact on return, per year | 0.82% | 0.82% | 0.82% |
GMMA Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0336%
- Total broker commissions: $1K
- Bought from dealers (principal trades, not a cost): $7.9M
- Portfolio turnover (prospectus): 315%
- Securities lending: none during the year
GMMA Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $957 | 65.46% |
| GOLDMAN SACHS & CO. LLC | $503 | 34.40% |
| ROBERT W. BAIRD & CO. INCORPORATED | $2 | 0.14% |
GMMA Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO CAPITAL MARKETS CORP. | $2.5M | 50.01% |
| MORGAN STANLEY & CO. LLC | $1.4M | 27.23% |
| STONEX FINANCIAL INC. | $1.0M | 20.50% |
| RBC CAPITAL MARKETS LLC | $115K | 2.27% |
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.