TOAK Fees and Costs — Twin Oak Short Horizon Absolute Return ETF
Data updated: 2026-09-25
The net expense ratio is 0.26%: a 0.45% management fee plus 0.01% other expenses, less a 0.20% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $24K in broker commissions, 0.0433% of average net assets.
TOAK Fees and Expenses
Annual operating expenses and sales charges of TOAK. Prospectus, as of September 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.46% |
| Fee waiver | −0.20% |
| Net expense ratio | 0.26% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
TOAK Costs Over Time
On $10,000 invested in TOAK, assuming 5% a year before costs, total costs come to $192 over 5 years, cutting the return by 0.32% 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 0.26%) | $27 | $86 | $150 |
| Trading costs (broker commissions) | $5 | $14 | $25 |
| Lost growth on money paid in costs | $0 | $5 | $18 |
| Total costs | $32 | $105 | $192 |
| Value after costs | $10,468 | $11,471 | $12,570 |
| Impact on return, per year | 0.32% | 0.32% | 0.32% |
TOAK Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0433%
- Total broker commissions: $24K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
TOAK Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $16K | 68.24% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $8K | 31.76% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.