RULE Fees and Costs — Adaptive Core ETF
Data updated: 2026-08-26
The net expense ratio is 1.84%. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $22K in broker commissions, 0.0571% of average net assets, and portfolio turnover was 348%.
RULE Fees and Expenses
Annual operating expenses and sales charges of RULE. Prospectus, as of January 26, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.11% |
| Gross expense ratio | 1.84% |
| Fee waiver | — |
| Net expense ratio | 1.84% |
| 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 |
RULE Costs Over Time
On $10,000 invested in RULE, assuming 5% a year before costs, total costs come to $1,166 over 5 years, cutting the return by 1.99% 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 1.84%) | $193 | $597 | $1,026 |
| Trading costs (broker commissions) | $6 | $19 | $32 |
| Lost growth on money paid in costs | $0 | $31 | $108 |
| Total costs | $199 | $646 | $1,166 |
| Value after costs | $10,301 | $10,930 | $11,597 |
| Impact on return, per year | 1.99% | 1.99% | 1.99% |
RULE Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0571%
- Total broker commissions: $22K
- Bought from dealers (principal trades, not a cost): $97.7M
- Portfolio turnover (prospectus): 348%
- Securities lending: none during the year
RULE Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GTS Securities, LLC | $19K | 84.12% |
| Mischler Financial Group, Inc. | $1K | 5.88% |
| Clear Street LLC | $851 | 3.84% |
| Flow Traders | $825 | 3.72% |
| Berenberg Capital Markets LLC | $343 | 1.55% |
| RW Pressprich & Co. | $193 | 0.87% |
| Scotia Capital (USA) Inc. | $2 | 0.01% |
RULE Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $87.3M | 89.30% |
| BofA Securities, Inc. | $8.4M | 8.56% |
| Virtu Americas LLC | $2.1M | 2.14% |
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.