SURI Fees and Costs — Simplify Propel Opportunities ETF
Data updated: 2026-09-11
The net expense ratio is 2.56%: a 2.75% management fee plus 0.05% other expenses, less a 0.25% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $128K in broker commissions, 0.1753% of average net assets, and portfolio turnover was 22%.
SURI Fees and Expenses
Annual operating expenses and sales charges of SURI. Prospectus, as of May 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 2.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.05% |
| Gross expense ratio | 2.81% |
| Fee waiver | −0.25% |
| Net expense ratio | 2.56% |
| 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 |
SURI Costs Over Time
On $10,000 invested in SURI, assuming 5% a year before costs, total costs come to $1,653 over 5 years, cutting the return by 2.87% 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 2.56%) | $269 | $824 | $1,402 |
| Trading costs (broker commissions) | $18 | $56 | $96 |
| Lost growth on money paid in costs | $0 | $44 | $154 |
| Total costs | $287 | $924 | $1,653 |
| Value after costs | $10,213 | $10,652 | $11,110 |
| Impact on return, per year | 2.87% | 2.87% | 2.87% |
SURI Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1753%
- Total broker commissions: $128K
- Bought from dealers (principal trades, not a cost): $589.2M
- Portfolio turnover (prospectus): 22%
- Securities lending: none during the year
SURI Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BTIG, LLC | $75K | 58.55% |
| JONESTRADING | $38K | 29.68% |
| VIRTU AMERICAS LLC | $14K | 11.04% |
| WALLACHBETH CAPITAL, LLC | $493 | 0.38% |
| BOFA SECURITIES, INC. | $440 | 0.34% |
SURI Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $559.7M | 95.11% |
| AKERO THERAPEUTICS INC | $7.9M | 1.34% |
| PIPER SANDLER & CO. | $7.0M | 1.19% |
| SVB LEERINK LLC | $4.7M | 0.79% |
| OPPENHEIMER & CO. INC. | $4.4M | 0.74% |
| LEER FINANCIAL WEALTH MANAGEMENT | $1.4M | 0.25% |
| TD SECURITIES (USA) LLC | $947K | 0.16% |
| The Bank of New York Mellon | $900K | 0.15% |
| JEFFERIES LLC | $900K | 0.15% |
| GUGGENHEIM SECURITIES, LLC | $662K | 0.11% |
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.