SPCX Fees and Costs — The SPAC and New Issue ETF
Data updated: 2026-08-26
The net expense ratio is 2.32%: a 0.83% management fee plus 2.24% other expenses, less a 0.75% fee waiver. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $32K in broker commissions, 0.2415% of average net assets, and portfolio turnover was 328%.
SPCX Fees and Expenses
Annual operating expenses and sales charges of SPCX. Prospectus, as of January 26, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.83% |
| 12b-1 fee | 0.00% |
| Other expenses | 2.24% |
| Gross expense ratio | 3.07% |
| Fee waiver | −0.75% |
| Net expense ratio | 2.32% |
| 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 |
SPCX Costs Over Time
On $10,000 invested in SPCX, assuming 5% a year before costs, total costs come to $1,553 over 5 years, cutting the return by 2.69% 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 2.32%) | $244 | $748 | $1,276 |
| Trading costs (broker commissions) | $25 | $78 | $133 |
| Lost growth on money paid in costs | $0 | $41 | $145 |
| Total costs | $269 | $867 | $1,553 |
| Value after costs | $10,231 | $10,709 | $11,210 |
| Impact on return, per year | 2.69% | 2.69% | 2.69% |
SPCX 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): 0.2415%
- Total broker commissions: $32K
- Bought from dealers (principal trades, not a cost): $1.0M
- Portfolio turnover (prospectus): 328%
- Securities lending: none during the year
SPCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Clear Street LLC | $21K | 65.42% |
| Mischler Financial Group, Inc. | $3K | 10.53% |
| BTIG, LLC. | $3K | 9.31% |
| Wallachbeth Capital LLC | $2K | 6.91% |
| Cowen and Company, LLC | $1K | 3.39% |
| MIRAE ASSET SECURITIES (USA) INC. | $628 | 1.94% |
| Flow Traders | $459 | 1.42% |
| Scotia Capital (USA) Inc. | $351 | 1.08% |
SPCX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BTIG, LLC. | $500K | 48.50% |
| Stifel, Nicolaus & Company, Incorporated | $450K | 43.65% |
| EarlyBirdCapital, Inc. | $50K | 4.85% |
| Beech Hill Securities | $30K | 2.90% |
| Clear Street LLC | $979 | 0.09% |
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.