JPAN Fees and Costs — Matthews Japan Active ETF
Data updated: 2026-08-24
The net expense ratio is 0.79%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $10K in broker commissions, 0.2180% of average net assets, and portfolio turnover was 122%.
JPAN Fees and Expenses
Annual operating expenses and sales charges of JPAN. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.79% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.79% |
| Fee waiver | — |
| Net expense ratio | 0.79% |
| 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 |
JPAN Costs Over Time
On $10,000 invested in JPAN, assuming 5% a year before costs, total costs come to $630 over 5 years, cutting the return by 1.06% 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 0.79%) | $83 | $259 | $449 |
| Trading costs (broker commissions) | $23 | $71 | $124 |
| Lost growth on money paid in costs | $0 | $16 | $58 |
| Total costs | $106 | $347 | $630 |
| Value after costs | $10,394 | $11,230 | $12,132 |
| Impact on return, per year | 1.06% | 1.06% | 1.06% |
JPAN 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): 0.2180%
- Total broker commissions: $10K
- Bought from dealers (principal trades, not a cost): $4.0M
- Portfolio turnover (prospectus): 122%
- Securities lending: none during the year
JPAN Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Daiwa Securities Group Inc. | $3K | 29.49% |
| INSTINET, LLC | $2K | 17.11% |
| SMBC NIKKO CAPITAL MARKETS LIMITED | $1K | 12.33% |
| Mizuho Securities Co., Ltd. | $1K | 11.55% |
| MORGAN STANLEY & CO. LLC | $580 | 6.61% |
| CITIGROUP GLOBAL MARKETS INC. | $496 | 5.65% |
| CLSA SINGAPORE PTE LTD | $475 | 5.41% |
| GOLDMAN SACHS & CO. LLC | $373 | 4.25% |
| UBS Securities LLC | $356 | 4.06% |
| MACQUARIE CAPITAL (USA), INC. | $310 | 3.53% |
JPAN Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| THE BANK OF NEW YORK MELLON CORPORATION | $3.7M | 92.15% |
| GOLDMAN SACHS & CO. LLC | $173K | 4.36% |
| Sumitomo Mitsui Banking Corporation | $106K | 2.66% |
| BOFA SECURITIES, INC. | $33K | 0.82% |
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.