Last: 10yr trust return 14.66% vs index 14.82%. That gap is the cost of the wrapper. Full page, every claim tied to a filing page + section: https://t.co/rkGAaUvLeP
The 0.0945% fee splits: 0.0492% trustee, 0.0301% S&P license, 0.0132% marketing, 0.0020% other. Your dividend sits non-interest-bearing until the quarterly payout. FY25 that float earned $60,143,277, credited back to cut the trustee's fee.