IPO Fees and Costs — Renaissance IPO ETF
Data updated: 2026-08-25
The net expense ratio is 0.60%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $69K in broker commissions, 0.0456% of average net assets, and portfolio turnover was 93%.
IPO Fees and Expenses
Annual operating expenses and sales charges of IPO. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.60% |
| Fee waiver | — |
| Net expense ratio | 0.60% |
| 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 |
IPO Costs Over Time
On $10,000 invested in IPO, assuming 5% a year before costs, total costs come to $407 over 5 years, cutting the return by 0.68% 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 0.60%) | $63 | $197 | $343 |
| Trading costs (broker commissions) | $5 | $15 | $26 |
| Lost growth on money paid in costs | $0 | $10 | $37 |
| Total costs | $68 | $223 | $407 |
| Value after costs | $10,432 | $11,353 | $12,356 |
| Impact on return, per year | 0.68% | 0.68% | 0.68% |
IPO 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): 0.0456%
- Total broker commissions: $69K
- Bought from dealers (principal trades, not a cost): $134.9M
- Portfolio turnover (prospectus): 93%
- Securities on loan, average value: $14.8M
- Net income from securities lending: $830K (0.547% of average net assets)
IPO Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Virtu Americas LLC | $45K | 65.13% |
| J.P. Morgan Securities LLC | $24K | 34.54% |
| State Street Global Markets, LLC | $225 | 0.33% |
IPO Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| National Securities Clearing Corporation | $134.9M | 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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.