QIS Fees and Costs — Simplify Multi-QIS Alternative ETF
Data updated: 2026-09-11
The net expense ratio is 1.21%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $78K in broker commissions, 0.1220% of average net assets, and portfolio turnover was 29%.
QIS Fees and Expenses
Annual operating expenses and sales charges of QIS. Prospectus, as of November 1, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 1.21% |
| Fee waiver | — |
| Net expense ratio | 1.21% |
| 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 |
QIS Costs Over Time
On $10,000 invested in QIS, assuming 5% a year before costs, total costs come to $828 over 5 years, cutting the return by 1.40% 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 1.21%) | $127 | $395 | $683 |
| Trading costs (broker commissions) | $13 | $40 | $69 |
| Lost growth on money paid in costs | $0 | $22 | $76 |
| Total costs | $140 | $456 | $828 |
| Value after costs | $10,360 | $11,120 | $11,935 |
| Impact on return, per year | 1.40% | 1.40% | 1.40% |
QIS 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): 0.1220%
- Total broker commissions: $78K
- Bought from dealers (principal trades, not a cost): $522.0M
- Portfolio turnover (prospectus): 29%
- Securities lending: none during the year
QIS Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Wolverine Execution Services LLC | $28K | 36.02% |
| JANE STREET EXECUTION SERVICES, LLC | $21K | 26.67% |
| IMC FINANCIAL MARKETS | $18K | 23.50% |
| STONEX FINANCIAL INC. | $5K | 6.76% |
| WALLACHBETH CAPITAL, LLC | $4K | 4.63% |
| IMC EXECUTION SERVICES | $2K | 1.97% |
| VIRTU AMERICAS LLC | $147 | 0.19% |
| INTERACTIVE BROKERS, LLC | $121 | 0.16% |
| OLD MISSION MARKETS LLC | $73 | 0.09% |
| GOLDMAN SACHS & CO. LLC | $16 | 0.02% |
QIS Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BARCLAYS CAPITAL, INC. | $169.9M | 32.81% |
| MORGAN STANLEY & CO. LLC | $99.9M | 19.30% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $91.6M | 17.70% |
| STONEX FINANCIAL INC. | $73.4M | 14.17% |
| BNY MELLON CAPITAL MARKETS, LLC | $27.5M | 5.31% |
| GOLDMAN SACHS & CO. LLC | $24.2M | 4.68% |
| JANE STREET EXECUTION SERVICES, LLC | $22.6M | 4.37% |
| TIGRESS FINANCIAL PARTNERS, LLC | $4.0M | 0.76% |
| BNP PARIBAS SECURITIES CORP. | $2.4M | 0.46% |
| CitiGroup Global Markets Inc. | $2.3M | 0.45% |
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.