ZTRE Fees and Costs — F/m 3-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 $1.1M in broker commissions, 6.2345% of average net assets, and portfolio turnover was 50%.
ZTRE Fees and Expenses
Annual operating expenses and sales charges of ZTRE. 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 |
ZTRE Costs Over Time
On $10,000 invested in ZTRE, assuming 5% a year before costs, total costs come to $3,586 over 5 years, cutting the return by 6.70% 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 | $46 | $76 |
| Trading costs (broker commissions) | $655 | $1,931 | $3,163 |
| Lost growth on money paid in costs | $0 | $102 | $347 |
| Total costs | $670 | $2,079 | $3,586 |
| Value after costs | $9,830 | $9,498 | $9,177 |
| Impact on return, per year | 6.70% | 6.70% | 6.70% |
ZTRE 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): 6.2345%
- Total broker commissions: $1.1M
- Bought from dealers (principal trades, not a cost): $32.5M
- Portfolio turnover (prospectus): 50%
- Securities on loan, average value: $43K
- Net income from securities lending: $126 (0.001% of average net assets)
ZTRE Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JANE STREET EXECUTION SERVICES | $742K | 68.93% |
| MERRILL LYNCH INC. | $335K | 31.07% |
ZTRE Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MERRILL LYNCH INC. | $19.9M | 67.25% |
| GOLDMAN SACHS & CO | $7.7M | 26.12% |
| ALFA CAPITAL MARKETS INC. | $799K | 2.70% |
| PERSHING LLC | $419K | 1.42% |
| BANC/AMERICA SECUR.LLC MONTGOMEY DIV | $340K | 1.15% |
| MORGAN STANLEY & CO. INC. | $119K | 0.40% |
| WACHOVIA BANK N.A. | $96K | 0.32% |
| BARCLAY INVESTMENTS LTD. | $93K | 0.31% |
| CITIGROUP GLOBAL MARKETS INC. | $63K | 0.21% |
| CITADEL | $36K | 0.12% |
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.