Calculated fees for the three months: ~4% drag on PnL, pretty substantial.

I’ve just calculated mine.

|Cost|% of gross PnL|% of capital, 3 months|Approx. annualized % of capital|
|:-|:-|:-|:-|
|Broker|1.5%|0.2%|0.7%|
|Trading app|2.3%|0.3%|1.1%|
|Total|3.9%|0.5%|1.9%|

Over the last three months, I got double-digit return on capital in a low six-figure IRA account doing pure premium selling.

The risk-adjusted metrics look good, too. I’m not posting the actual return figures here since I want to discuss fees.

For the context, I consider the last 3–4 months a relatively easy environment for premium sellers. E.g. "got lucky". I expect conditions to get more difficult, returns will dip, and the risk metrics to normalize and show more effort to generate the same level of return.

On costs.

Broker fees came to about 1.5% of gross PnL.
I consider that very low. I stopped doing spreads and other higher-cost, lower-probability trades. Fees and costs went down substantially.

The trading app subscriptions was 2.3% of gross PnL. A lot, but at the same time, the app handles the whole process.

I'm estimating for substantially larger account, the total fees going to decrease 2x because of scale and make approximately. The 'management fees' as percentage of capital should get to 1% (100 bps). In other words, premium selling is a tough business when operating small accounts.

I'm curious how others measure and view expenses?

What percentage of gross PnL do you give up to broker fees, software or scanners or other tooling?