MNA Fees and Costs — NYLI Merger Arbitrage ETF
Data updated: 2026-09-25
The net expense ratio is 0.78%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $879K in broker commissions, 0.3535% of average net assets, and portfolio turnover was 335%.
MNA Fees and Expenses
Annual operating expenses and sales charges of MNA. Prospectus, as of August 26, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.78% |
| Fee waiver | — |
| Net expense ratio | 0.78% |
| 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 |
MNA Costs Over Time
On $10,000 invested in MNA, assuming 5% a year before costs, total costs come to $707 over 5 years, cutting the return by 1.19% 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 0.78%) | $82 | $255 | $442 |
| Trading costs (broker commissions) | $37 | $116 | $200 |
| Lost growth on money paid in costs | $0 | $18 | $65 |
| Total costs | $119 | $389 | $707 |
| Value after costs | $10,381 | $11,187 | $12,056 |
| Impact on return, per year | 1.19% | 1.19% | 1.19% |
MNA Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.3535%
- Total broker commissions: $879K
- Bought from dealers (principal trades, not a cost): $233.2M
- Portfolio turnover (prospectus): 335%
- Securities on loan, average value: $6.3M
- Net income from securities lending: $73K (0.029% of average net assets)
MNA Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CITADEL SECURITIES LLC | $351K | 40.00% |
| INSTINET LLC | $298K | 33.90% |
| MISCHLER FINANCIAL GROUP, INC. | $170K | 19.36% |
| VIRTU AMERICAS LLC | $33K | 3.79% |
| MORGAN STANLEY & CO. LLC | $14K | 1.65% |
| OLD MISSION MARKETS LLC | $6K | 0.72% |
| STIFEL FINANCIAL CORP. | $3K | 0.31% |
| WALLACHBETH CAPITAL, LLC | $2K | 0.28% |
MNA Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $22.1M | 17.68% |
| JANE STREET EXECUTION SERVICES, LLC | $21.9M | 17.51% |
| VIRTU AMERICAS LLC | $17.3M | 13.86% |
| MORGAN STANLEY & CO. LLC | $15.3M | 12.27% |
| DUN & BRADSTREET HOLDINGS B.V. | $9.7M | 7.78% |
| DAYFORCE INC | $8.5M | 6.82% |
| INFORMATICA INC - CLASS A | $8.3M | 6.64% |
| TEGNA INC. | $7.7M | 6.20% |
| PARAMOUNT GROUP, INC. | $7.2M | 5.73% |
| TRIUMPH GROUP INC. | $6.9M | 5.51% |
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.