WEEL Fees and Costs — Peerless Option Income Wheel ETF
Data updated: 2026-08-28
The net expense ratio is 0.99% (1.25% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $24K in broker commissions, 0.1240% of average net assets, and portfolio turnover was 638%.
WEEL Fees and Expenses
Annual operating expenses and sales charges of WEEL. Prospectus, as of July 24, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.09% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 1.25% |
| Fee waiver | −0.26% |
| Net expense ratio | 0.99% |
| 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 |
WEEL Costs Over Time
On $10,000 invested in WEEL, assuming 5% a year before costs, total costs come to $695 over 5 years, cutting the return by 1.17% 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 0.99%) | $104 | $324 | $561 |
| Trading costs (broker commissions) | $13 | $41 | $70 |
| Lost growth on money paid in costs | $0 | $18 | $64 |
| Total costs | $117 | $383 | $695 |
| Value after costs | $10,383 | $11,194 | $12,068 |
| Impact on return, per year | 1.17% | 1.17% | 1.17% |
WEEL Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1240%
- Total broker commissions: $24K
- Bought from dealers (principal trades, not a cost): $127.5M
- Portfolio turnover (prospectus): 638%
- Securities lending: none during the year
WEEL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| X-CHANGE FINANCIAL ACCESS LLC | $12K | 49.77% |
| STONEX FINANCIAL INC. | $12K | 47.74% |
| PERSHING LLC | $511 | 2.11% |
| ROBERT W. BAIRD & CO. INCORPORATED | $50 | 0.21% |
| WALLACHBETH CAPITAL LLC | $42 | 0.17% |
WEEL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BMO CAPITAL MARKETS CORP. | $17.4M | 15.01% |
| STONEX FINANCIAL INC. | $16.7M | 14.40% |
| MORGAN STANLEY & CO. LLC | $16.3M | 14.08% |
| WELLS FARGO SECURITIES LLC | $15.7M | 13.54% |
| J.P. MORGAN SECURITIES LLC | $15.0M | 12.89% |
| SANTANDER US CAPITAL MARKETS LLC | $10.0M | 8.61% |
| GOLDMAN SACHS & CO. LLC | $6.5M | 5.59% |
| PERSHING LLC | $6.4M | 5.47% |
| NOMURA SECURITIES INTERNATIONAL INC. | $6.1M | 5.25% |
| BNP PARIBAS SECURITIES CORP. | $6.0M | 5.16% |
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.