TACE Fees and Costs — Trend Aggregation Conservative ETF
Data updated: 2021-08-30
The net expense ratio is 1.48% (2.37% before fee waivers). There are no sales loads or redemption fees. In fiscal 2021 the fund paid $40K in broker commissions, 0.3105% of average net assets, and portfolio turnover was 938%.
TACE Fees and Expenses
Annual operating expenses and sales charges of TACE. Prospectus, as of July 31, 2021.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.04% |
| Gross expense ratio | 2.37% |
| Fee waiver | −0.89% |
| Net expense ratio | 1.48% |
| 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 |
TACE Costs Over Time
On $10,000 invested in TACE, assuming 5% a year before costs, total costs come to $1,102 over 5 years, cutting the return by 1.88% 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 1.48%) | $155 | $481 | $827 |
| Trading costs (broker commissions) | $33 | $101 | $174 |
| Lost growth on money paid in costs | $0 | $29 | $102 |
| Total costs | $188 | $611 | $1,102 |
| Value after costs | $10,312 | $10,965 | $11,660 |
| Impact on return, per year | 1.88% | 1.88% | 1.88% |
TACE Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2021.
- Explicit cost rate (commissions ÷ average net assets): 0.3105%
- Total broker commissions: $40K
- Bought from dealers (principal trades, not a cost): $19.8M
- Portfolio turnover (prospectus): 938%
- Securities lending: none during the year
TACE Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MISCHLER FINANCIAL GROUP, INC. | $20K | 50.23% |
| JONESTRADING INSTITUTIONAL SERVICES LLC | $5K | 13.03% |
| CAPITAL INSTITUTIONAL SERVICES | $3K | 8.88% |
| JEFFERIES LLC | $2K | 6.06% |
| NEEDHAM & COMPANY, LLC | $2K | 4.95% |
| WEEDEN & CO. | $2K | 4.92% |
| WEDBUSH SECURITIES | $2K | 4.53% |
| WORLD EQUITY GROUP | $1K | 2.72% |
| BTIG, LLC. | $1K | 2.59% |
| WALLACHBETH CAPITAL LLC | $812 | 2.08% |
TACE Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO CAPITAL MARKETS CORP. | $19.8M | 100.00% |
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.