MDST Fees and Costs — Westwood Salient Enhanced Midstream Income ETF
Data updated: 2026-09-28
The net expense ratio is 0.80%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $366K in broker commissions, 0.3750% of average net assets, and portfolio turnover was 47%.
MDST Fees and Expenses
Annual operating expenses and sales charges of MDST. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.80% |
| Fee waiver | — |
| Net expense ratio | 0.80% |
| 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 |
MDST Costs Over Time
On $10,000 invested in MDST, assuming 5% a year before costs, total costs come to $732 over 5 years, cutting the return by 1.23% 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 0.80%) | $84 | $262 | $453 |
| Trading costs (broker commissions) | $39 | $123 | $212 |
| Lost growth on money paid in costs | $0 | $19 | $67 |
| Total costs | $123 | $403 | $732 |
| Value after costs | $10,377 | $11,173 | $12,030 |
| Impact on return, per year | 1.23% | 1.23% | 1.23% |
MDST Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.3750%
- Total broker commissions: $366K
- Bought from dealers (principal trades, not a cost): $4.3M
- Portfolio turnover (prospectus): 47%
- Securities lending: none during the year
MDST Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wallachbeth Capital LLC | $350K | 95.57% |
| Susquehanna Capital Group | $9K | 2.38% |
| Virtu Financial | $6K | 1.74% |
| MIRAE ASSET | $1K | 0.31% |
MDST Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Wallachbeth | $4.3M | 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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.