MSSS Fees and Costs — Monarch Select Subsector Index ETF
Data updated: 2026-07-27
The net expense ratio is 1.42%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $35K in broker commissions, 0.0331% of average net assets, and portfolio turnover was 127%.
MSSS Fees and Expenses
Annual operating expenses and sales charges of MSSS. Prospectus, as of June 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.23% |
| Gross expense ratio | 1.42% |
| Fee waiver | — |
| Net expense ratio | 1.42% |
| 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 |
MSSS Costs Over Time
On $10,000 invested in MSSS, assuming 5% a year before costs, total costs come to $901 over 5 years, cutting the return by 1.53% 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 1.42%) | $149 | $463 | $799 |
| Trading costs (broker commissions) | $3 | $11 | $19 |
| Lost growth on money paid in costs | $0 | $24 | $83 |
| Total costs | $153 | $497 | $901 |
| Value after costs | $10,347 | $11,079 | $11,862 |
| Impact on return, per year | 1.53% | 1.53% | 1.53% |
MSSS Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0331%
- Total broker commissions: $35K
- Bought from dealers (principal trades, not a cost): $220.3M
- Portfolio turnover (prospectus): 127%
- Securities lending: none during the year
MSSS Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citadel Securities LLC | $35K | 100.00% |
MSSS Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $184.8M | 83.89% |
| JPMorgan Chase | $23.3M | 10.56% |
| Virtu Americas LLC | $10.2M | 4.61% |
| Goldman Sachs | $2.1M | 0.93% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.