GAFAX Fees and Costs — Virtus AlphaSimplex Global Alternatives Fund, Class A
Data updated: 2026-08-28
The net expense ratio is 1.56% (1.84% before fee waivers). This share class carries a maximum front-end sales load of 5.50%. In fiscal 2025 the fund paid $136K in broker commissions, 0.1260% of average net assets, and portfolio turnover was 514%.
GAFAX Fees and Expenses
Annual operating expenses and sales charges of GAFAX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.10% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.42% |
| Gross expense ratio | 1.84% |
| Fee waiver | −0.28% |
| Net expense ratio | 1.56% |
| Sales charges | |
|---|---|
| Max front load | 5.50% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
GAFAX Costs Over Time
On $10,000 invested in GAFAX, assuming 5% a year before costs, total costs come to $1,685 over 5 years, cutting the return by 2.93% 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 |
| Sales charges | $550 | $550 | $550 |
| Fund expenses (net expense ratio 1.56%) | $155 | $480 | $826 |
| Trading costs (broker commissions) | $13 | $39 | $67 |
| Lost growth on money paid in costs | $27 | $112 | $243 |
| Total costs | $745 | $1,181 | $1,685 |
| Value after costs | $9,755 | $10,396 | $11,078 |
| Impact on return, per year | 7.45% | 3.70% | 2.93% |
GAFAX 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): 0.1260%
- Total broker commissions: $136K
- Bought from dealers (principal trades, not a cost): $1.3B
- Portfolio turnover (prospectus): 514%
- Securities lending: none during the year
GAFAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $57K | 41.87% |
| GOLDMAN SACHS & CO. LLC | $38K | 27.57% |
| J.P. Morgan Securities LLC | $24K | 17.87% |
| BOFA SECURITIES, INC. | $16K | 11.45% |
| SG AMERICAS SECURITIES LLC | $1K | 1.00% |
| MAREX SPECTRON USA LLC | $327 | 0.24% |
GAFAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $1.1B | 84.10% |
| OPPENHEIMER & CO. INC. | $194.0M | 14.48% |
| ICAP SECURITIES USA LLC | $14.9M | 1.11% |
| MORGAN STANLEY & CO. LLC | $2.8M | 0.21% |
| BNY MELLON CAPITAL MARKETS, LLC | $1.4M | 0.10% |
Virtus AlphaSimplex Global Alternatives Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| GAFNX | Class R6 | 1.26% | none |
| GAFYX | Class I | 1.31% | none |
| GAFAX | Class A | 1.56% | 5.50% |
| GAFCX | Class C | 2.29% | none |
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.