SMRI Fees and Costs — Bushido Capital US Equity ETF

Data updated: 2026-10-13

The net expense ratio is 0.71%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $196K in broker commissions, 0.0379% of average net assets, and portfolio turnover was 125%.

SMRI Fees and Expenses

Annual operating expenses and sales charges of SMRI. Prospectus, as of November 30, 2025.

Annual operating expenses
Management fee	0.71%
12b-1 fee	0.00%
Other expenses	0.00%
Gross expense ratio	0.71%
Fee waiver	—
Net expense ratio	0.71%

Sales charges
Max front load	—
Max deferred load	—
Redemption fee	—

SMRI Costs Over Time

On $10,000 invested in SMRI, assuming 5% a year before costs, total costs come to $470 over 5 years, cutting the return by 0.79% 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 0.71%)	$75	$233	$406
Trading costs (broker commissions)	$4	$12	$22
Lost growth on money paid in costs	$0	$12	$43
Total costs	$79	$258	$470
Value after costs	$10,421	$11,318	$12,293
Impact on return, per year	0.79%	0.79%	0.79%

SMRI Trading Costs

Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2026.

Explicit cost rate (commissions ÷ average net assets): 0.0379%
Total broker commissions: $196K
Bought from dealers (principal trades, not a cost): —
Portfolio turnover (prospectus): 125%

SMRI Agency Brokers

Commissions paid.

Broker	Amount	Share
MISCHLER FINANCIAL GROUP, INC.	$194K	98.99%
RBC CAPITAL MARKETS LLC	$2K	1.01%

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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.