MSMR Fees and Costs — McElhenny Sheffield Managed Risk ETF
Data updated: 2026-09-29
The net expense ratio is 1.06%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $183K in broker commissions, 0.1614% of average net assets, and portfolio turnover was 598%.
MSMR Fees and Expenses
Annual operating expenses and sales charges of MSMR. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.84% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 1.06% |
| Fee waiver | — |
| Net expense ratio | 1.06% |
| 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 |
MSMR Costs Over Time
On $10,000 invested in MSMR, assuming 5% a year before costs, total costs come to $761 over 5 years, cutting the return by 1.28% 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 1.06%) | $111 | $346 | $599 |
| Trading costs (broker commissions) | $17 | $53 | $91 |
| Lost growth on money paid in costs | $0 | $20 | $70 |
| Total costs | $128 | $419 | $761 |
| Value after costs | $10,372 | $11,157 | $12,002 |
| Impact on return, per year | 1.28% | 1.28% | 1.28% |
MSMR 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): 0.1614%
- Total broker commissions: $183K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 598%
- Securities lending: none during the year
MSMR Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $178K | 96.94% |
| WOLVERINE EXECUTION SERVICES, LLC | $6K | 3.06% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.