HIGH Fees and Costs — Simplify Enhanced Income ETF
Data updated: 2026-09-11
The net expense ratio is 0.50%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $202K in broker commissions, 0.1450% of average net assets, and portfolio turnover was 0%.
HIGH Fees and Expenses
Annual operating expenses and sales charges of HIGH. Prospectus, as of November 1, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.50% |
| Fee waiver | — |
| Net expense ratio | 0.50% |
| 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 |
HIGH Costs Over Time
On $10,000 invested in HIGH, assuming 5% a year before costs, total costs come to $406 over 5 years, cutting the return by 0.68% 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 0.50%) | $52 | $164 | $286 |
| Trading costs (broker commissions) | $15 | $48 | $83 |
| Lost growth on money paid in costs | $0 | $10 | $37 |
| Total costs | $68 | $223 | $406 |
| Value after costs | $10,432 | $11,354 | $12,356 |
| Impact on return, per year | 0.68% | 0.68% | 0.68% |
HIGH Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1450%
- Total broker commissions: $202K
- Bought from dealers (principal trades, not a cost): $600.0M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
HIGH Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wolverine Execution Services LLC | $76K | 37.72% |
| JANE STREET EXECUTION SERVICES, LLC | $69K | 34.18% |
| IMC FINANCIAL MARKETS | $40K | 19.97% |
| STONEX FINANCIAL INC. | $11K | 5.40% |
| IMC EXECUTION SERVICES | $4K | 1.99% |
| OPTIVER US LLC | $600 | 0.30% |
| GOLDMAN SACHS & CO. LLC | $523 | 0.26% |
| VIRTU AMERICAS LLC | $229 | 0.11% |
| OLD MISSION MARKETS LLC | $155 | 0.08% |
HIGH Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Wolverine Execution Services, LLC | $176.2M | 29.36% |
| GOLDMAN SACHS & CO. LLC | $104.8M | 17.47% |
| BARCLAYS CAPITAL, INC. | $103.0M | 17.17% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $73.4M | 12.23% |
| JANE STREET EXECUTION SERVICES, LLC | $47.4M | 7.91% |
| BOFA SECURITIES, INC. | $46.3M | 7.71% |
| STONEX FINANCIAL INC. | $37.1M | 6.18% |
| MORGAN STANLEY & CO. LLC | $9.8M | 1.63% |
| CitiGroup Global Markets Inc. | $2.0M | 0.33% |
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.