NDOW Fees and Costs — Anydrus Advantage ETF
Data updated: 2026-08-26
The net expense ratio is 2.11% (2.15% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $47K in broker commissions, 0.0913% of average net assets, and portfolio turnover was 358%.
NDOW Fees and Expenses
Annual operating expenses and sales charges of NDOW. Prospectus, as of July 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.64% |
| Gross expense ratio | 2.15% |
| Fee waiver | −0.04% |
| Net expense ratio | 2.11% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
NDOW Costs Over Time
On $10,000 invested in NDOW, assuming 5% a year before costs, total costs come to $1,344 over 5 years, cutting the return by 2.31% 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 2.11%) | $222 | $683 | $1,169 |
| Trading costs (broker commissions) | $10 | $30 | $51 |
| Lost growth on money paid in costs | $0 | $36 | $125 |
| Total costs | $231 | $748 | $1,344 |
| Value after costs | $10,269 | $10,828 | $11,419 |
| Impact on return, per year | 2.31% | 2.31% | 2.31% |
NDOW Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0913%
- Total broker commissions: $47K
- Bought from dealers (principal trades, not a cost): $45.2M
- Portfolio turnover (prospectus): 358%
- Securities lending: none during the year
NDOW Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GTS Securities, LLC | $28K | 59.63% |
| BofA Securities, Inc. | $19K | 40.36% |
| Clear Street LLC | $3 | 0.01% |
NDOW Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $27.4M | 60.75% |
| Virtu Americas LLC | $12.7M | 28.17% |
| BofA Securities, Inc. | $5.0M | 11.08% |
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.