CNEQ Fees and Costs — Alger Concentrated Equity ETF
Data updated: 2026-08-27
The net expense ratio is 0.56%: a 0.45% management fee plus 0.21% other expenses, less a 0.10% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $29K in broker commissions, 0.0328% of average net assets, and portfolio turnover was 60%.
CNEQ Fees and Expenses
Annual operating expenses and sales charges of CNEQ. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.21% |
| Gross expense ratio | 0.66% |
| Fee waiver | −0.10% |
| Net expense ratio | 0.56% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
CNEQ Costs Over Time
On $10,000 invested in CNEQ, assuming 5% a year before costs, total costs come to $374 over 5 years, cutting the return by 0.62% 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 0.56%) | $59 | $184 | $321 |
| Trading costs (broker commissions) | $3 | $11 | $19 |
| Lost growth on money paid in costs | $0 | $10 | $34 |
| Total costs | $62 | $205 | $374 |
| Value after costs | $10,438 | $11,372 | $12,389 |
| Impact on return, per year | 0.62% | 0.62% | 0.62% |
CNEQ Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0328%
- Total broker commissions: $29K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 60%
- Securities lending: none during the year
CNEQ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Fred Alger & Company, LLC | $5K | 20.69% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $3K | 14.59% |
| Pershing LLC | $3K | 13.11% |
| NATIONAL FINANCIAL SERVICES LLC | $3K | 11.66% |
| JEFFERIES LLC | $2K | 9.80% |
| Instinet LLC | $2K | 7.73% |
| MORGAN STANLEY & CO. LLC | $2K | 7.20% |
| WELLS FARGO SECURITIES, LLC | $1K | 5.25% |
| Stifel, Nicolaus & Company, Incorporated | $1K | 5.04% |
| CANTOR FITZGERALD & CO. | $1K | 4.93% |
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.