TBMD Fees and Costs — Tactical Income ETF
Data updated: 2020-11-19
The net expense ratio is 2.23%. There are no sales loads or redemption fees. In fiscal 2020 the fund paid $271K in broker commissions, 0.5188% of average net assets.
TBMD Fees and Expenses
Annual operating expenses and sales charges of TBMD. Prospectus, as of July 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.84% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.53% |
| Gross expense ratio | 2.16% |
| Fee waiver | −0.07% |
| Net expense ratio | 2.23% |
| 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 |
TBMD Costs Over Time
On $10,000 invested in TBMD, assuming 5% a year before costs, total costs come to $1,660 over 5 years, cutting the return by 2.89% 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 2.23%) | $234 | $717 | $1,221 |
| Trading costs (broker commissions) | $54 | $167 | $284 |
| Lost growth on money paid in costs | $0 | $44 | $155 |
| Total costs | $289 | $929 | $1,660 |
| Value after costs | $10,211 | $10,648 | $11,103 |
| Impact on return, per year | 2.89% | 2.89% | 2.89% |
TBMD Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.5188%
- Total broker commissions: $271K
- Bought from dealers (principal trades, not a cost): $127.6M
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
TBMD Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| WALLACHBETH CAPITAL LLC | $88K | 37.48% |
| CAPITAL INSTITUTIONAL SERVICES | $30K | 12.53% |
| JONESTRADING INSTITUTIONAL SERVICES LLC | $29K | 12.13% |
| WEEDEN & CO. | $20K | 8.39% |
| TOURMALINE | $19K | 7.95% |
| TRADE STATION | $14K | 5.96% |
| NEEDHAM & COMPANY, LLC | $10K | 4.43% |
| J.P. MORGAN SECURITIES LLC | $10K | 4.27% |
| JANE STREET CAPITAL LLC | $8K | 3.47% |
| MISCHLER FINANCIAL GROUP, INC. | $8K | 3.39% |
TBMD Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $125.6M | 98.44% |
| J.P. MORGAN SECURITIES LLC | $2.0M | 1.56% |
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.