SMIZ Fees and Costs — Zacks Small/Mid Cap ETF
Data updated: 2026-07-24
The net expense ratio is 0.55%: a 0.44% management fee plus 0.16% other expenses, less a 0.05% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $63K in broker commissions, 0.0502% of average net assets, and portfolio turnover was 105%.
SMIZ Fees and Expenses
Annual operating expenses and sales charges of SMIZ. Prospectus, as of April 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.44% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.16% |
| Gross expense ratio | 0.60% |
| Fee waiver | −0.05% |
| Net expense ratio | 0.55% |
| 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 | Yes |
SMIZ Costs Over Time
On $10,000 invested in SMIZ, assuming 5% a year before costs, total costs come to $378 over 5 years, cutting the return by 0.63% 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 0.55%) | $58 | $181 | $315 |
| Trading costs (broker commissions) | $5 | $17 | $29 |
| Lost growth on money paid in costs | $0 | $10 | $35 |
| Total costs | $63 | $207 | $378 |
| Value after costs | $10,437 | $11,369 | $12,384 |
| Impact on return, per year | 0.63% | 0.63% | 0.63% |
SMIZ Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0502%
- Total broker commissions: $63K
- Bought from dealers (principal trades, not a cost): $94.9M
- Portfolio turnover (prospectus): 105%
- Securities lending: none during the year
SMIZ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| VIRTU FINANCIAL inc | $22K | 35.01% |
| BTIG LLC | $19K | 29.36% |
| GTS MISCHLER | $15K | 22.99% |
| MISCHLER FINANCIAL GROUP | $8K | 12.64% |
SMIZ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $45.5M | 47.98% |
| Virtu Financial | $35.7M | 37.61% |
| GOLDMAN SACHS | $12.8M | 13.46% |
| J.P. MORGAN SECURITIES LLC | $890K | 0.94% |
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.