IMRA Fees and Costs — Bitwise MARA Option Income Strategy ETF
Data updated: 2026-08-24
The net expense ratio is 0.96%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $398K in broker commissions, 8.4048% of average net assets, and portfolio turnover was 0%.
IMRA Fees and Expenses
Annual operating expenses and sales charges of IMRA. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.96% |
| Fee waiver | — |
| Net expense ratio | 0.96% |
| 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 |
IMRA Costs Over Time
On $10,000 invested in IMRA, assuming 5% a year before costs, total costs come to $4,957 over 5 years, cutting the return by 9.83% 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 0.96%) | $101 | $288 | $458 |
| Trading costs (broker commissions) | $883 | $2,522 | $4,006 |
| Lost growth on money paid in costs | $0 | $148 | $493 |
| Total costs | $983 | $2,957 | $4,957 |
| Value after costs | $9,517 | $8,619 | $7,806 |
| Impact on return, per year | 9.83% | 9.83% | 9.83% |
IMRA Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 8.4048%
- Total broker commissions: $398K
- Bought from dealers (principal trades, not a cost): $1.5M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
IMRA Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MAREX SPECTRON USA LLC | $287K | 72.19% |
| Jane Street Execution Services, LLC | $55K | 13.83% |
| MAREX CAPITAL MARKETS INC. | $32K | 8.13% |
| Guggenheim Securities, LLC | $21K | 5.30% |
| IMC FINANCIAL MARKETS | $2K | 0.56% |
IMRA Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BNY MELLON CAPITAL MARKETS, LLC | $1.5M | 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.