MRSK Fees and Costs — Toews Agility Shares Managed Risk ETF
Data updated: 2026-09-28
The net expense ratio is 0.98% (1.03% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $92K in broker commissions, 0.0304% of average net assets, and portfolio turnover was 0%.
MRSK Fees and Expenses
Annual operating expenses and sales charges of MRSK. Prospectus, as of August 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.15% |
| Gross expense ratio | 1.03% |
| Fee waiver | −0.05% |
| Net expense ratio | 0.98% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
MRSK Costs Over Time
On $10,000 invested in MRSK, assuming 5% a year before costs, total costs come to $632 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 0.98%) | $103 | $321 | $557 |
| Trading costs (broker commissions) | $3 | $10 | $17 |
| Lost growth on money paid in costs | $0 | $16 | $58 |
| Total costs | $106 | $347 | $632 |
| Value after costs | $10,394 | $11,229 | $12,131 |
| Impact on return, per year | 1.06% | 1.06% | 1.06% |
MRSK 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): 0.0304%
- Total broker commissions: $92K
- Bought from dealers (principal trades, not a cost): $260.6M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
MRSK Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| ED&F Man Capital Markets, Inc. | $91K | 99.80% |
| Maxim Group | $185 | 0.20% |
MRSK Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MAREX SPECTRON | $124.1M | 47.63% |
| Goldman Sachs | $75.7M | 29.06% |
| BANK OF AMERICA MERRILL LYNCH | $47.1M | 18.06% |
| VIRTUS Americas LLC | $13.7M | 5.24% |
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.