KONG Fees and Costs — Formidable Fortress ETF
Data updated: 2026-08-25
The net expense ratio is 0.89%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $31K in broker commissions, 0.1403% of average net assets, and portfolio turnover was 25%.
KONG Fees and Expenses
Annual operating expenses and sales charges of KONG. Prospectus, as of July 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.89% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.89% |
| Fee waiver | — |
| Net expense ratio | 0.89% |
| 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 |
KONG Costs Over Time
On $10,000 invested in KONG, assuming 5% a year before costs, total costs come to $644 over 5 years, cutting the return by 1.08% 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 0.89%) | $93 | $291 | $505 |
| Trading costs (broker commissions) | $15 | $46 | $80 |
| Lost growth on money paid in costs | $0 | $17 | $59 |
| Total costs | $108 | $354 | $644 |
| Value after costs | $10,392 | $11,222 | $12,119 |
| Impact on return, per year | 1.08% | 1.08% | 1.08% |
KONG Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1403%
- Total broker commissions: $31K
- Bought from dealers (principal trades, not a cost): $6.6M
- Portfolio turnover (prospectus): 25%
- Securities lending: none during the year
KONG Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Barclays Capital Inc. | $27K | 89.38% |
| BGC Partners, Inc. | $2K | 6.68% |
| Citigroup Global Markets Inc. | $510 | 1.67% |
| Evercore Group L.L.C. | $465 | 1.52% |
| BNY Mellon Capital Markets, LLC | $193 | 0.63% |
| Robert W. Baird & Co. Incorporated | $38 | 0.12% |
KONG Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Barclays Capital Inc. | $2.4M | 36.43% |
| Goldman Sachs & Co. LLC | $2.2M | 32.80% |
| Virtu Americas LLC | $1.4M | 21.78% |
| BGC Partners, Inc. | $595K | 8.99% |
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.