RSBA Fees and Costs — Return Stacked Bonds & Merger Arbitrage ETF
Data updated: 2026-09-28
The net expense ratio is 1.01%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $43K in broker commissions, 0.2005% of average net assets, and portfolio turnover was 305%.
RSBA Fees and Expenses
Annual operating expenses and sales charges of RSBA. Prospectus, as of April 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.95% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 1.01% |
| Fee waiver | — |
| Net expense ratio | 1.01% |
| 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 |
RSBA Costs Over Time
On $10,000 invested in RSBA, assuming 5% a year before costs, total costs come to $754 over 5 years, cutting the return by 1.27% 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 1.01%) | $106 | $330 | $571 |
| Trading costs (broker commissions) | $21 | $66 | $113 |
| Lost growth on money paid in costs | $0 | $20 | $69 |
| Total costs | $127 | $415 | $754 |
| Value after costs | $10,373 | $11,161 | $12,009 |
| Impact on return, per year | 1.27% | 1.27% | 1.27% |
RSBA Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending January 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.2005%
- Total broker commissions: $43K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 305%
- Securities lending: none during the year
RSBA Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| STONEX FINANCIAL INC. | $18K | 42.80% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $18K | 42.32% |
| PHILLIP CAPITAL INC. | $3K | 7.68% |
| MAREX CAPITAL MARKETS INC. | $2K | 3.70% |
| ROBERT W. BAIRD & CO. INCORPORATED | $1K | 3.47% |
| PERSHING LLC | $12 | 0.03% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.