SPAX Fees and Costs — Robinson Alternative Yield Pre-Merger SPAC ETF
Data updated: 2025-03-27
The net expense ratio is 0.86%. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $23K in broker commissions, 0.1092% of average net assets, and portfolio turnover was 122%.
SPAX Fees and Expenses
Annual operating expenses and sales charges of SPAX. Prospectus, as of August 31, 2024.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.86% |
| Fee waiver | — |
| Net expense ratio | 0.86% |
| 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 | No |
SPAX Costs Over Time
On $10,000 invested in SPAX, assuming 5% a year before costs, total costs come to $607 over 5 years, cutting the return by 1.02% 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 0.86%) | $90 | $282 | $489 |
| Trading costs (broker commissions) | $11 | $36 | $62 |
| Lost growth on money paid in costs | $0 | $16 | $56 |
| Total costs | $102 | $333 | $607 |
| Value after costs | $10,398 | $11,243 | $12,156 |
| Impact on return, per year | 1.02% | 1.02% | 1.02% |
SPAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.1092%
- Total broker commissions: $23K
- Bought from dealers (principal trades, not a cost): $570K
- Portfolio turnover (prospectus): 122%
- Securities on loan, average value: $100K
- Net income from securities lending: $6K (0.028% of average net assets)
SPAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| ROBERT W. BAIRD & CO. INCORPORATED | $22K | 95.73% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $726 | 3.17% |
| GOLDMAN SACHS & CO. LLC | $253 | 1.11% |
SPAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MAXIM GROUP LLC | $350K | 61.40% |
| CANTOR FITZGERALD & CO. | $220K | 38.60% |
| U.S. BANCORP INVESTMENTS INC. | $0 | 0.00% |
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.