XXV Fees and Costs — Simplify Ancorato Target 25 Distribution ETF
Data updated: 2026-09-11
The net expense ratio is 0.85%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $2K in broker commissions, 0.0058% of average net assets.
XXV Fees and Expenses
Annual operating expenses and sales charges of XXV. Prospectus, as of November 13, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.85% |
| Fee waiver | — |
| Net expense ratio | 0.85% |
| 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 |
XXV Costs Over Time
On $10,000 invested in XXV, assuming 5% a year before costs, total costs come to $537 over 5 years, cutting the return by 0.90% 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 0.85%) | $89 | $279 | $484 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $14 | $49 |
| Total costs | $90 | $295 | $537 |
| Value after costs | $10,410 | $11,282 | $12,226 |
| Impact on return, per year | 0.90% | 0.90% | 0.90% |
XXV Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0058%
- Total broker commissions: $2K
- Bought from dealers (principal trades, not a cost): $175.8M
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
XXV Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| IMC FINANCIAL MARKETS | $765 | 37.01% |
| Wolverine Execution Services LLC | $657 | 31.79% |
| STONEX FINANCIAL INC. | $275 | 13.30% |
| VIRTU AMERICAS LLC | $176 | 8.51% |
| JANE STREET EXECUTION SERVICES, LLC | $118 | 5.71% |
| OLD MISSION MARKETS LLC | $76 | 3.68% |
XXV Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| NOMURA SECURITIES INTERNATIONAL, INC. | $46.8M | 26.61% |
| Wolverine Execution Services, LLC | $46.3M | 26.33% |
| MORGAN STANLEY & CO. LLC | $32.0M | 18.22% |
| BARCLAYS CAPITAL, INC. | $29.0M | 16.48% |
| GOLDMAN SACHS & CO. LLC | $10.7M | 6.11% |
| JANE STREET EXECUTION SERVICES, LLC | $7.9M | 4.50% |
| HSBC SECURITIES (USA), INC. | $2.1M | 1.20% |
| STONEX FINANCIAL INC. | $791K | 0.45% |
| BNP PARIBAS SECURITIES CORP. | $184K | 0.10% |
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.