LBAY Fees and Costs — Leatherback Long/Short Alternative Yield ETF
Data updated: 2026-07-29
The net expense ratio is 1.20%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $49K in broker commissions, 0.1415% of average net assets, and portfolio turnover was 67%.
LBAY Fees and Expenses
Annual operating expenses and sales charges of LBAY. Prospectus, as of December 23, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 1.20% |
| Fee waiver | — |
| Net expense ratio | 1.20% |
| 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 |
LBAY Costs Over Time
On $10,000 invested in LBAY, assuming 5% a year before costs, total costs come to $833 over 5 years, cutting the return by 1.41% 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 1.20%) | $126 | $392 | $677 |
| Trading costs (broker commissions) | $15 | $46 | $80 |
| Lost growth on money paid in costs | $0 | $22 | $77 |
| Total costs | $141 | $460 | $833 |
| Value after costs | $10,359 | $11,117 | $11,929 |
| Impact on return, per year | 1.41% | 1.41% | 1.41% |
LBAY Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.1415%
- Total broker commissions: $49K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 67%
- Securities on loan, average value: $2.5M
- Net income from securities lending: $3K (0.008% of average net assets)
LBAY Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| THE VERTICAL TRADING GROUP LLC | $28K | 57.90% |
| BNP PARIBAS SECURITIES CORP. | $20K | 40.75% |
| ROBERT W. BAIRD & CO. INCORPORATED | $641 | 1.31% |
| GOLDMAN SACHS & CO. LLC | $19 | 0.04% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.