NMB Fees and Costs — Simplify National Muni Bond ETF
Data updated: 2026-09-11
The net expense ratio is 0.52%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $30K in broker commissions, 0.0586% of average net assets, and portfolio turnover was 678%.
NMB Fees and Expenses
Annual operating expenses and sales charges of NMB. Prospectus, as of May 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.52% |
| Fee waiver | — |
| Net expense ratio | 0.52% |
| 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 |
NMB Costs Over Time
On $10,000 invested in NMB, assuming 5% a year before costs, total costs come to $365 over 5 years, cutting the return by 0.61% 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 0.52%) | $55 | $171 | $298 |
| Trading costs (broker commissions) | $6 | $19 | $34 |
| Lost growth on money paid in costs | $0 | $9 | $33 |
| Total costs | $61 | $200 | $365 |
| Value after costs | $10,439 | $11,376 | $12,398 |
| Impact on return, per year | 0.61% | 0.61% | 0.61% |
NMB Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0586%
- Total broker commissions: $30K
- Bought from dealers (principal trades, not a cost): $404.3M
- Portfolio turnover (prospectus): 678%
- Securities lending: none during the year
NMB Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wolverine Execution Services LLC | $11K | 37.89% |
| JANE STREET EXECUTION SERVICES, LLC | $10K | 34.67% |
| IMC FINANCIAL MARKETS | $6K | 19.37% |
| STONEX FINANCIAL INC. | $2K | 5.29% |
| IMC EXECUTION SERVICES | $623 | 2.10% |
| OPTIVER US LLC | $96 | 0.32% |
| GOLDMAN SACHS & CO. LLC | $79 | 0.27% |
| OLD MISSION MARKETS LLC | $29 | 0.10% |
NMB Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $73.2M | 21.43% |
| WELLS FARGO SECURITIES, LLC | $52.7M | 15.42% |
| J.P. Morgan Securities LLC | $48.5M | 14.21% |
| MORGAN STANLEY & CO. LLC | $39.1M | 11.46% |
| RBC CAPITAL MARKETS, LLC | $36.0M | 10.54% |
| JEFFERIES LLC | $30.2M | 8.83% |
| BOFA SECURITIES, INC. | $25.3M | 7.39% |
| UBS SECURITIES LLC | $16.1M | 4.71% |
| HILLTOP SECURITIES INC. | $10.7M | 3.13% |
| BARCLAYS CAPITAL, INC. | $9.9M | 2.89% |
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.