HECO Fees and Costs — SPDR Galaxy Hedged Digital Asset Ecosystem ETF
Data updated: 2026-09-18
The net expense ratio is 0.90%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $704K in broker commissions, 0.7529% of average net assets, and portfolio turnover was 141%.
HECO Fees and Expenses
Annual operating expenses and sales charges of HECO. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.90% |
| Fee waiver | — |
| Net expense ratio | 0.90% |
| 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 |
HECO Costs Over Time
On $10,000 invested in HECO, assuming 5% a year before costs, total costs come to $1,020 over 5 years, cutting the return by 1.74% 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 0.90%) | $94 | $293 | $504 |
| Trading costs (broker commissions) | $79 | $245 | $422 |
| Lost growth on money paid in costs | $0 | $27 | $94 |
| Total costs | $174 | $565 | $1,020 |
| Value after costs | $10,326 | $11,012 | $11,742 |
| Impact on return, per year | 1.74% | 1.74% | 1.74% |
HECO 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): 0.7529%
- Total broker commissions: $704K
- Bought from dealers (principal trades, not a cost): $67.8M
- Portfolio turnover (prospectus): 141%
- Securities lending: none during the year
HECO Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $205K | 29.17% |
| Marex Capital Markets Inc. | $140K | 19.93% |
| BNY Capital Markets, LLC | $138K | 19.62% |
| BTIG, LLC | $118K | 16.76% |
| Cantor Fitzgerald & Co. | $64K | 9.06% |
| Goldman Sachs & Co. LLC | $28K | 3.92% |
| Oppenheimer & Co. Inc. | $11K | 1.55% |
HECO Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $56.5M | 83.31% |
| Marex Capital Markets Inc. | $9.2M | 13.52% |
| Goldman Sachs & Co. LLC | $1.5M | 2.24% |
| Axos Clearing LLC | $599K | 0.88% |
| Federated Securities Corp. | $24K | 0.04% |
| Morgan Stanley & Co. LLC | $5K | 0.01% |
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.