RPAR Fees and Costs — RPAR Risk Parity ETF
Data updated: 2026-08-25
The net expense ratio is 0.52%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $66K in broker commissions, 0.0124% of average net assets, and portfolio turnover was 17%.
RPAR Fees and Expenses
Annual operating expenses and sales charges of RPAR. Prospectus, as of April 24, 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) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
RPAR Costs Over Time
On $10,000 invested in RPAR, assuming 5% a year before costs, total costs come to $336 over 5 years, cutting the return by 0.56% 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) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $0 | $9 | $31 |
| Total costs | $56 | $184 | $336 |
| Value after costs | $10,444 | $11,392 | $12,427 |
| Impact on return, per year | 0.56% | 0.56% | 0.56% |
RPAR Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0124%
- Total broker commissions: $66K
- Bought from dealers (principal trades, not a cost): $377.0M
- Portfolio turnover (prospectus): 17%
- Securities on loan, average value: $27.1M
- Net income from securities lending: $131K (0.025% of average net assets)
RPAR Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| SNC CAPITAL MANAGEMENT CORP. | $34K | 51.97% |
| BTIG LLC | $17K | 25.07% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $8K | 12.04% |
| GOLDMAN SACHS & CO. LLC | $4K | 5.78% |
| CITIGROUP GLOBAL MARKETS INC. | $2K | 3.74% |
| ROBERT W. BAIRD & CO. INCORPORATED | $526 | 0.80% |
| TELSEY ADVISORY GROUP LLC | $403 | 0.61% |
RPAR Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| U.S. BANCORP INVESTMENTS INC. | $215.3M | 57.09% |
| JEFFERIES LLC | $65.9M | 17.48% |
| BMO CAPITAL MARKETS CORP. | $34.3M | 9.11% |
| GOLDMAN SACHS & CO. LLC | $28.1M | 7.45% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $23.0M | 6.09% |
| STONEX FINANCIAL INC. | $7.4M | 1.95% |
| MORGAN STANLEY & CO. LLC | $1.0M | 0.28% |
| J.P. MORGAN SECURITIES LLC | $769K | 0.20% |
| SANTANDER US CAPITAL MARKETS LLC | $769K | 0.20% |
| BARCLAYS CAPITAL INC. | $549K | 0.15% |
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.