ICAP Fees and Costs — Infrastructure Capital Equity Income ETF
Data updated: 2026-07-24
The net expense ratio is 2.47%: a 0.80% management fee plus 1.67% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $49K in broker commissions, 0.0783% of average net assets, and portfolio turnover was 253%.
ICAP Fees and Expenses
Annual operating expenses and sales charges of ICAP. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.67% |
| Gross expense ratio | 2.47% |
| Fee waiver | — |
| Net expense ratio | 2.47% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
ICAP Costs Over Time
On $10,000 invested in ICAP, assuming 5% a year before costs, total costs come to $1,545 over 5 years, cutting the return by 2.68% 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 2.47%) | $259 | $796 | $1,358 |
| Trading costs (broker commissions) | $8 | $25 | $43 |
| Lost growth on money paid in costs | $0 | $41 | $144 |
| Total costs | $268 | $863 | $1,545 |
| Value after costs | $10,232 | $10,714 | $11,217 |
| Impact on return, per year | 2.68% | 2.68% | 2.68% |
ICAP Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0783%
- Total broker commissions: $49K
- Bought from dealers (principal trades, not a cost): $10.1M
- Portfolio turnover (prospectus): 253%
- Securities lending: none during the year
ICAP Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INTERACTIVE BROKERS LLC | $48K | 97.83% |
| RBC CAPITAL MARKETS LLC | $1K | 2.12% |
| MORGAN STANLEY & CO. LLC | $26 | 0.05% |
ICAP Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WFS LLC | $5.6M | 55.45% |
| MORGAN STANLEY & CO. LLC | $4.5M | 44.25% |
| INTERACTIVE BROKERS LLC | $30K | 0.30% |
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.