ZTEN Fees and Costs — F/m 10-Year Investment Grade Corporate Bond ETF
Data updated: 2026-07-28
The net expense ratio is 0.15%. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $1.4M in broker commissions, 10.3326% of average net assets, and portfolio turnover was 203%.
ZTEN Fees and Expenses
Annual operating expenses and sales charges of ZTEN. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.15% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.15% |
| Fee waiver | — |
| Net expense ratio | 0.15% |
| 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 |
ZTEN Costs Over Time
On $10,000 invested in ZTEN, assuming 5% a year before costs, total costs come to $5,426 over 5 years, cutting the return by 11.01% 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 0.15%) | $16 | $44 | $70 |
| Trading costs (broker commissions) | $1,085 | $3,063 | $4,811 |
| Lost growth on money paid in costs | $0 | $165 | $546 |
| Total costs | $1,101 | $3,272 | $5,426 |
| Value after costs | $9,399 | $8,304 | $7,336 |
| Impact on return, per year | 11.01% | 11.01% | 11.01% |
ZTEN Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 10.3326%
- Total broker commissions: $1.4M
- Bought from dealers (principal trades, not a cost): $39.0M
- Portfolio turnover (prospectus): 203%
- Securities on loan, average value: $280K
- Net income from securities lending: $2K (0.012% of average net assets)
ZTEN Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JANE STREET EXECUTION SERVICES | $1.4M | 100.00% |
ZTEN Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH INC. | $33.9M | 93.70% |
| ALFA CAPITAL MARKETS INC. | $1.4M | 3.89% |
| GOLDMAN SACHS & CO | $232K | 0.64% |
| PERSHING LLC | $190K | 0.52% |
| BANC/AMERICA SECUR.LLC MONTGOMEY DIV | $168K | 0.46% |
| MILLENIUM ADVISORS | $75K | 0.21% |
| J.P. MORGAN CHASE | $67K | 0.19% |
| MORGAN STANLEY & CO. INC. | $65K | 0.18% |
| CITADEL | $35K | 0.10% |
| R.B.C. DOMINION SECURITIES INC. | $35K | 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.