ISMD Fees and Costs — Inspire Small/Mid Cap ETF
Data updated: 2026-07-28
The net expense ratio is 0.53%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $162K in broker commissions, 0.0816% of average net assets, and portfolio turnover was 47%.
ISMD Fees and Expenses
Annual operating expenses and sales charges of ISMD. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.17% |
| Gross expense ratio | 0.53% |
| Fee waiver | — |
| Net expense ratio | 0.53% |
| 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 |
ISMD Costs Over Time
On $10,000 invested in ISMD, assuming 5% a year before costs, total costs come to $386 over 5 years, cutting the return by 0.64% 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 0.53%) | $56 | $174 | $304 |
| Trading costs (broker commissions) | $9 | $27 | $47 |
| Lost growth on money paid in costs | $0 | $10 | $35 |
| Total costs | $64 | $211 | $386 |
| Value after costs | $10,436 | $11,365 | $12,377 |
| Impact on return, per year | 0.64% | 0.64% | 0.64% |
ISMD Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0816%
- Total broker commissions: $162K
- Bought from dealers (principal trades, not a cost): $110.1M
- Portfolio turnover (prospectus): 47%
- Securities on loan, average value: $3.1M
- Net income from securities lending: $69K (0.035% of average net assets)
ISMD Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GTS Securities LLC | $162K | 100.00% |
ISMD Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $41.6M | 37.79% |
| Goldman, Sachs & Co. LLC | $34.5M | 31.30% |
| Virtu Americas LLC | $34.0M | 30.91% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.