NETZ Fees and Costs — TCW Transform Systems ETF
Data updated: 2026-09-22
The net expense ratio is 0.75%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $204K in broker commissions, 0.0446% of average net assets, and portfolio turnover was 52%.
NETZ Fees and Expenses
Annual operating expenses and sales charges of NETZ. Prospectus, as of February 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.75% |
| Fee waiver | — |
| Net expense ratio | 0.75% |
| 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 |
NETZ Costs Over Time
On $10,000 invested in NETZ, assuming 5% a year before costs, total costs come to $499 over 5 years, cutting the return by 0.83% 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 0.75%) | $79 | $246 | $428 |
| Trading costs (broker commissions) | $5 | $15 | $25 |
| Lost growth on money paid in costs | $0 | $13 | $46 |
| Total costs | $83 | $274 | $499 |
| Value after costs | $10,417 | $11,302 | $12,264 |
| Impact on return, per year | 0.83% | 0.83% | 0.83% |
NETZ 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): 0.0446%
- Total broker commissions: $204K
- Bought from dealers (principal trades, not a cost): $7.4M
- Portfolio turnover (prospectus): 52%
- Securities lending: none during the year
NETZ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co, LLC | $107K | 52.50% |
| FLOW TRADERS U.S. INSTITUTIONAL TRADING LLC | $34K | 16.77% |
| Jefferies LLC | $26K | 12.94% |
| GTS EXECUTION SERVICES LLC | $21K | 10.42% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $14K | 6.72% |
| Wells Fargo Securities LLC | $1K | 0.64% |
NETZ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co, LLC | $4.1M | 54.66% |
| Jefferies LLC | $3.4M | 45.34% |
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.