Genter Capital summaries show 0.38% all-in, 0.18% outside the management fee

Friday’s Genter Capital summaries, filed by Spinnaker ETF Series, are Rule 497(k) short forms of the September 1 prospectus. They are not a new registration, and they leave the fees unchanged. The summaries list an all-in cost of 0.38% a year at three of the funds and 0.39% at the municipal fund, against a 0.20% management fee.

The four fee tables put a 0.20% management fee next to 0.18% of other expenses. Only the municipal total differs.

DGENM is the only summary that also lists acquired fund fees, 0.01%, the indirect cost of holding other funds.

OBP is the advisor. Genter is paid from that fee

All four name OBP Capital, LLC as investment advisor. RNC Capital Management LLC, doing business as Genter Capital Management, is the sub-advisor, and the manager whose name is on the funds. The September 1 prospectus states that OBP pays Genter a sub-advisory fee of 0.15% of average daily net assets out of the advisory fee.

That 0.18% of other expenses sits outside the advisory contract.

Intermediate municipal and dividend peers cost less

An index fund of intermediate AMT-free municipal bonds ITM has an expense ratio of 0.18%. An actively managed intermediate municipal-bond fund MUNI has an expense ratio of 0.35%. DGENM at 0.39% sits above both.

An active U.S. dividend-stock fund CGDV has an expense ratio of 0.33%. CGEND is at 0.38%.

The 0.15% Genter collects comes out of OBP’s 0.20%, not on top of it. The 0.18% of other expenses does not. That is the split Friday’s short form puts on one page.