DRESX Fees and Costs — Driehaus Emerging Markets Small Cap Growth Fund
Data updated: 2026-08-26
The net expense ratio is 1.25%: a 1.10% management fee plus 0.20% other expenses, less a 0.06% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $282K in broker commissions, 0.2218% of average net assets, and portfolio turnover was 74%.
DRESX Fees and Expenses
Annual operating expenses and sales charges of DRESX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.10% |
| 12b-1 fee | — |
| Other expenses | 0.20% |
| Gross expense ratio | 1.31% |
| Fee waiver | −0.06% |
| Net expense ratio | 1.25% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
DRESX Costs Over Time
On $10,000 invested in DRESX, assuming 5% a year before costs, total costs come to $912 over 5 years, cutting the return by 1.55% 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 1.25%) | $131 | $408 | $703 |
| Trading costs (broker commissions) | $23 | $72 | $125 |
| Lost growth on money paid in costs | $0 | $24 | $84 |
| Total costs | $155 | $504 | $912 |
| Value after costs | $10,345 | $11,073 | $11,851 |
| Impact on return, per year | 1.55% | 1.55% | 1.55% |
DRESX 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): 0.2218%
- Total broker commissions: $282K
- Bought from dealers (principal trades, not a cost): $131.8M
- Portfolio turnover (prospectus): 74%
- Securities lending: none during the year
DRESX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| SANFORD C. BERNSTEIN & CO., LLC | $51K | 24.31% |
| J.P. Morgan Securities LLC | $35K | 16.81% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $26K | 12.47% |
| DAIWA CAPITAL MARKETS AMERICA INC. | $21K | 10.16% |
| CLSA AMERICAS, LLC | $19K | 9.10% |
| UBS SECURITIES LLC | $17K | 7.97% |
| MORGAN STANLEY & CO. LLC | $15K | 6.87% |
| Citigroup Global Markets Inc. | $10K | 4.67% |
| JEFFERIES LLC. | $8K | 3.96% |
| GOLDMAN SACHS & CO. LLC | $8K | 3.68% |
DRESX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $131.8M | 100.00% |
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.