IFPUX Fees and Costs — Independent Franchise Partners US Equity Fund
Data updated: 2026-08-28
The net expense ratio is 0.67%: a 0.58% management fee plus 0.09% other expenses. This share class carries a redemption fee of 0.25%. In fiscal 2025 the fund paid $520K in broker commissions, 0.0353% of average net assets.
IFPUX Fees and Expenses
Annual operating expenses and sales charges of IFPUX. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.58% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.09% |
| Gross expense ratio | 0.67% |
| Fee waiver | — |
| Net expense ratio | 0.67% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.25% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
IFPUX Costs Over Time
On $10,000 invested in IFPUX, assuming 5% a year before costs, total costs come to $444 over 5 years, cutting the return by 0.74% 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 0.67%) | $70 | $220 | $383 |
| Trading costs (broker commissions) | $4 | $12 | $20 |
| Lost growth on money paid in costs | $0 | $11 | $41 |
| Total costs | $74 | $243 | $444 |
| Value after costs | $10,426 | $11,333 | $12,319 |
| Impact on return, per year | 0.74% | 0.74% | 0.74% |
IFPUX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0353%
- Total broker commissions: $520K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): —
- Securities lending: none during the year
IFPUX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BERNSTEIN AUTONOMOUS LLP | $129K | 25.96% |
| ITG INC. | $107K | 21.60% |
| JONESTRADING INSTITUTIONAL SERVICES LLC | $99K | 20.03% |
| BofAML Securities, Inc. | $38K | 7.73% |
| INSTINET, LLC | $38K | 7.70% |
| TOURMALINE PARTNERS, LLC | $30K | 5.95% |
| BANK OF MONTREAL | $17K | 3.38% |
| OPTIVER US LLC | $14K | 2.84% |
| J.P. MORGAN SECURITIES | $13K | 2.66% |
| CANTOR FITZGERALD AND CO. | $11K | 2.16% |
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.