SHRT Fees and Costs — Gotham Short Strategies ETF
Data updated: 2026-08-25
The net expense ratio is 1.35%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $11K in broker commissions, 0.0948% of average net assets, and portfolio turnover was 685%.
SHRT Fees and Expenses
Annual operating expenses and sales charges of SHRT. Prospectus, as of January 26, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.35% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 1.35% |
| Fee waiver | — |
| Net expense ratio | 1.35% |
| 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 |
SHRT Costs Over Time
On $10,000 invested in SHRT, assuming 5% a year before costs, total costs come to $896 over 5 years, cutting the return by 1.52% 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 1.35%) | $142 | $440 | $760 |
| Trading costs (broker commissions) | $10 | $31 | $53 |
| Lost growth on money paid in costs | $0 | $23 | $82 |
| Total costs | $152 | $495 | $896 |
| Value after costs | $10,348 | $11,082 | $11,867 |
| Impact on return, per year | 1.52% | 1.52% | 1.52% |
SHRT Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0948%
- Total broker commissions: $11K
- Bought from dealers (principal trades, not a cost): $578K
- Portfolio turnover (prospectus): 685%
- Securities lending: none during the year
SHRT Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $11K | 99.19% |
| GOLDMAN SACHS & CO. LLC | $80 | 0.69% |
| NEW CENTURY CAPITAL PARTNERS INC. | $14 | 0.12% |
SHRT Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $576K | 99.58% |
| NEW CENTURY CAPITAL PARTNERS INC. | $2K | 0.42% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.