VETZ Fees and Costs — Academy Veteran Impact ETF
Data updated: 2026-10-13
The net expense ratio is 0.35%. There are no sales loads or redemption fees. Portfolio turnover was 18%.
VETZ Fees and Expenses
Annual operating expenses and sales charges of VETZ. Prospectus, as of November 24, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.35% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.35% |
| Fee waiver | — |
| Net expense ratio | 0.35% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
VETZ Costs Over Time
On $10,000 invested in VETZ, assuming 5% a year before costs, total costs come to $222 over 5 years, cutting the return by 0.37% 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 0.35%) | $37 | $115 | $202 |
| Lost growth on money paid in costs | $0 | $6 | $20 |
| Total costs | $37 | $121 | $222 |
| Value after costs | $10,463 | $11,455 | $12,541 |
| Impact on return, per year | 0.37% | 0.37% | 0.37% |
VETZ Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $93.4M
- Portfolio turnover (prospectus): 18%
VETZ Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $22.2M | 23.81% |
| CITIGROUP GLOBAL MARKETS INC. | $17.9M | 19.19% |
| J.P. MORGAN SECURITIES LLC | $17.3M | 18.48% |
| INTERNATIONAL TRADING GROUP I, INC. | $13.9M | 14.91% |
| BOFA SECURITIES INC. | $8.0M | 8.57% |
| BREAN CAPITAL LLC | $7.2M | 7.72% |
| NOMURA SECURITIES INTERNATIONAL INC. | $4.3M | 4.61% |
| STONEX FINANCIAL INC. | $1.5M | 1.66% |
| SANTANDER US CAPITAL MARKETS LLC | $993K | 1.06% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.