TDSD Fees and Costs — Cabana Target Drawdown 13 ETF
Data updated: 2023-12-20
The net expense ratio is 0.82% (0.93% before fee waivers). There are no sales loads or redemption fees. In fiscal 2023 the fund paid $5K in broker commissions, 0.0026% of average net assets, and portfolio turnover was 1031%.
TDSD Fees and Expenses
Annual operating expenses and sales charges of TDSD. 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 | 0.93% |
| Fee waiver | −0.11% |
| Net expense ratio | 0.82% |
| 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 |
TDSD Costs Over Time
On $10,000 invested in TDSD, assuming 5% a year before costs, total costs come to $516 over 5 years, cutting the return by 0.86% 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 0.82%) | $86 | $269 | $468 |
| Trading costs (broker commissions) | $0 | $1 | $1 |
| Lost growth on money paid in costs | $0 | $13 | $47 |
| Total costs | $86 | $283 | $516 |
| Value after costs | $10,414 | $11,293 | $12,246 |
| Impact on return, per year | 0.86% | 0.86% | 0.86% |
TDSD 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): 0.0026%
- Total broker commissions: $5K
- Bought from dealers (principal trades, not a cost): $4.3B
- Portfolio turnover (prospectus): 1031%
- Securities on loan, average value: $558K
- Net income from securities lending: $249 (0.000% of average net assets)
TDSD Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CITADEL SECURITIES LLC | $2K | 40.41% |
| GOLDMAN SACHS & CO. LLC | $1K | 27.69% |
| Jane Street Execution Services, LLC | $1K | 26.81% |
| MISCHLER FINANCIAL GROUP, INC. | $257 | 5.09% |
TDSD Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MISCHLER FINANCIAL GROUP, INC. | $1.3B | 30.20% |
| Jane Street Execution Services, LLC | $1.2B | 27.23% |
| VIRTU AMERICAS LLC | $1.1B | 25.20% |
| CITADEL SECURITIES LLC | $357.8M | 8.33% |
| GOLDMAN SACHS & CO. LLC | $245.0M | 5.70% |
| BOFA SECURITIES, INC. | $123.1M | 2.86% |
| FLOW TRADERS U.S. INSTITUTIONAL TRADING LLC | $18.1M | 0.42% |
| J.P. Morgan Securities LLC | $2.7M | 0.06% |
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.