TOKE Fees and Costs — Cambria Cannabis ETF
Data updated: 2026-03-31
The net expense ratio is 0.44% (0.61% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $97K in broker commissions, 0.6988% of average net assets.
TOKE Fees and Expenses
Annual operating expenses and sales charges of TOKE. Prospectus, as of April 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.59% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.61% |
| Fee waiver | −0.17% |
| Net expense ratio | 0.44% |
| 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 |
TOKE Costs Over Time
On $10,000 invested in TOKE, assuming 5% a year before costs, total costs come to $710 over 5 years, cutting the return by 1.20% 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 0.44%) | $46 | $144 | $249 |
| Trading costs (broker commissions) | $73 | $229 | $396 |
| Lost growth on money paid in costs | $0 | $18 | $65 |
| Total costs | $120 | $391 | $710 |
| Value after costs | $10,380 | $11,185 | $12,052 |
| Impact on return, per year | 1.20% | 1.20% | 1.20% |
TOKE Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.6988%
- Total broker commissions: $97K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
TOKE Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| NOMURA SECURITIES INTERNATIONAL INC. | $69K | 71.11% |
| ROBERT W. BAIRD & CO. INCORPORATED | $13K | 13.90% |
| CITIGROUP GLOBAL MARKETS INC. | $9K | 9.78% |
| GOLDMAN SACHS & CO. LLC | $4K | 3.80% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $1K | 1.36% |
| TELSEY ADVISORY GROUP LLC | $39 | 0.04% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.