GOP Fees and Costs — Unusual Whales Subversive Republican Trading ETF
Data updated: 2026-08-25
The net expense ratio is 0.73%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $2K in broker commissions, 0.0039% of average net assets, and portfolio turnover was 16%.
GOP Fees and Expenses
Annual operating expenses and sales charges of GOP. Prospectus, as of January 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.72% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.73% |
| Fee waiver | — |
| Net expense ratio | 0.73% |
| 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 |
GOP Costs Over Time
On $10,000 invested in GOP, assuming 5% a year before costs, total costs come to $462 over 5 years, cutting the return by 0.77% 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 0.73%) | $77 | $240 | $417 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $12 | $42 |
| Total costs | $77 | $253 | $462 |
| Value after costs | $10,423 | $11,323 | $12,301 |
| Impact on return, per year | 0.77% | 0.77% | 0.77% |
GOP Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0039%
- Total broker commissions: $2K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 16%
- Securities lending: none during the year
GOP Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| PERSHING LLC | $820 | 42.26% |
| ROBERT W. BAIRD & CO. INCORPORATED | $532 | 27.42% |
| TELSEY ADVISORY GROUP LLC | $285 | 14.70% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $131 | 6.77% |
| GOLDMAN SACHS & CO. LLC | $111 | 5.71% |
| OPPENHEIMER & CO. INC. | $61 | 3.13% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.