PVEX Fees and Costs — TrueShares ConVex Protect ETF
Data updated: 2026-09-28
The net expense ratio is 0.82%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $805 in broker commissions, 0.0489% of average net assets, and portfolio turnover was 15%.
PVEX Fees and Expenses
Annual operating expenses and sales charges of PVEX. Prospectus, as of February 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.79% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.82% |
| Fee waiver | — |
| Net expense ratio | 0.82% |
| 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 |
PVEX Costs Over Time
On $10,000 invested in PVEX, assuming 5% a year before costs, total costs come to $545 over 5 years, cutting the return by 0.91% 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 0.82%) | $86 | $269 | $467 |
| Trading costs (broker commissions) | $5 | $16 | $28 |
| Lost growth on money paid in costs | $0 | $14 | $50 |
| Total costs | $91 | $299 | $545 |
| Value after costs | $10,409 | $11,277 | $12,218 |
| Impact on return, per year | 0.91% | 0.91% | 0.91% |
PVEX 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): 0.0489%
- Total broker commissions: $805
- Bought from dealers (principal trades, not a cost): $2.3M
- Portfolio turnover (prospectus): 15%
- Securities lending: none during the year
PVEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CITADEL SECURITIES LLC | $425 | 52.80% |
| GOLDMAN SACHS & CO. LLC | $380 | 47.20% |
PVEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITADEL SECURITIES LLC | $2.3M | 100.00% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.