TDSA Fees and Costs — Cabana Target Drawdown 5 ETF
Data updated: 2023-12-20
The net expense ratio is 0.83% (0.94% before fee waivers). There are no sales loads or redemption fees. In fiscal 2023 the fund paid $4K in broker commissions, 0.0129% of average net assets, and portfolio turnover was 1061%.
TDSA Fees and Expenses
Annual operating expenses and sales charges of TDSA. Prospectus, as of April 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.94% |
| Fee waiver | −0.11% |
| Net expense ratio | 0.83% |
| 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 |
TDSA Costs Over Time
On $10,000 invested in TDSA, assuming 5% a year before costs, total costs come to $529 over 5 years, cutting the return by 0.89% 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 0.83%) | $87 | $272 | $473 |
| Trading costs (broker commissions) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $0 | $14 | $48 |
| Total costs | $89 | $290 | $529 |
| Value after costs | $10,411 | $11,286 | $12,234 |
| Impact on return, per year | 0.89% | 0.89% | 0.89% |
TDSA Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0129%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $645.1M
- Portfolio turnover (prospectus): 1061%
- Securities on loan, average value: $109K
- Net income from securities lending: $48 (0.000% of average net assets)
TDSA Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| VIRTU AMERICAS LLC | $3K | 75.35% |
| CITADEL SECURITIES LLC | $517 | 14.15% |
| GOLDMAN SACHS & CO. LLC | $321 | 8.78% |
| Jane Street Execution Services, LLC | $53 | 1.45% |
| MISCHLER FINANCIAL GROUP, INC. | $10 | 0.27% |
TDSA Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Jane Street Execution Services, LLC | $188.1M | 29.15% |
| MISCHLER FINANCIAL GROUP, INC. | $157.8M | 24.45% |
| VIRTU AMERICAS LLC | $153.7M | 23.82% |
| CITADEL SECURITIES LLC | $59.0M | 9.14% |
| GOLDMAN SACHS & CO. LLC | $48.4M | 7.51% |
| BOFA SECURITIES, INC. | $33.0M | 5.12% |
| FLOW TRADERS U.S. INSTITUTIONAL TRADING LLC | $5.2M | 0.80% |
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.