PIFI Fees and Costs — ClearShares Piton Intermediate Fixed Income ETF
Data updated: 2026-09-25
The net expense ratio is 0.45%. There are no sales loads or redemption fees. Portfolio turnover was 23%.
PIFI Fees and Expenses
Annual operating expenses and sales charges of PIFI. Prospectus, as of September 28, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.45% |
| Fee waiver | — |
| Net expense ratio | 0.45% |
| 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 |
PIFI Costs Over Time
On $10,000 invested in PIFI, assuming 5% a year before costs, total costs come to $285 over 5 years, cutting the return by 0.47% 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 0.45%) | $47 | $148 | $259 |
| Lost growth on money paid in costs | $0 | $7 | $26 |
| Total costs | $47 | $156 | $285 |
| Value after costs | $10,453 | $11,421 | $12,478 |
| Impact on return, per year | 0.47% | 0.47% | 0.47% |
PIFI Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $48.0M
- Portfolio turnover (prospectus): 23%
- Securities lending: none during the year
PIFI Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $18.0M | 37.56% |
| GOLDMAN SACHS & CO. LLC | $10.5M | 21.88% |
| AMHERST PIERPONT SECURITIES LLC | $4.0M | 8.32% |
| JANE STREET EXECUTION SERVICES, LLC | $3.9M | 8.20% |
| JEFFERIES LLC | $3.5M | 7.26% |
| RBC CAPITAL MARKETS, LLC | $3.4M | 7.05% |
| BNY MELLON CAPITAL MARKETS, LLC | $2.9M | 6.09% |
| TRADEWEB | $1.0M | 2.15% |
| HILLTOP SECURITIES INDEPENDENT NETWORK INC. | $707K | 1.47% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.