HFND Fees and Costs — Unlimited HFND Multi-Strategy Return Tracker ETF
Data updated: 2026-07-29
The net expense ratio is 1.07%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $43K in broker commissions, 0.1344% of average net assets, and portfolio turnover was 295%.
HFND Fees and Expenses
Annual operating expenses and sales charges of HFND. Prospectus, as of December 23, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 1.07% |
| Fee waiver | — |
| Net expense ratio | 1.07% |
| 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 |
HFND Costs Over Time
On $10,000 invested in HFND, assuming 5% a year before costs, total costs come to $750 over 5 years, cutting the return by 1.26% 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 1.07%) | $112 | $350 | $605 |
| Trading costs (broker commissions) | $14 | $44 | $76 |
| Lost growth on money paid in costs | $0 | $20 | $69 |
| Total costs | $126 | $413 | $750 |
| Value after costs | $10,374 | $11,163 | $12,013 |
| Impact on return, per year | 1.26% | 1.26% | 1.26% |
HFND 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): 0.1344%
- Total broker commissions: $43K
- Bought from dealers (principal trades, not a cost): $800K
- Portfolio turnover (prospectus): 295%
- Securities lending: none during the year
HFND Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $14K | 33.56% |
| PHILLIP CAPITAL, INC. | $14K | 32.94% |
| GOLDMAN SACHS & CO. LLC | $11K | 25.78% |
| PERSHING LLC | $1K | 2.90% |
| ROBERT W. BAIRD & CO. INCORPORATED | $1K | 2.74% |
| INTERACTIVE BROKERS LLC | $518 | 1.22% |
| TELSEY ADVISORY GROUP LLC | $367 | 0.86% |
HFND Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| PHILLIP CAPITAL, INC. | $800K | 100.00% |
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.