IVVIX Fees and Costs — Nomura Smid Cap Core Fund, Institutional Class
Data updated: 2026-08-26
The net expense ratio is 0.87%: a 0.85% management fee plus 0.27% other expenses, less a 0.25% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $61K in broker commissions, 0.0175% of average net assets, and portfolio turnover was 22%.
IVVIX Fees and Expenses
Annual operating expenses and sales charges of IVVIX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.27% |
| Gross expense ratio | 1.12% |
| Fee waiver | −0.25% |
| Net expense ratio | 0.87% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 | No |
IVVIX Costs Over Time
On $10,000 invested in IVVIX, assuming 5% a year before costs, total costs come to $556 over 5 years, cutting the return by 0.93% 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 |
| Fund expenses (net expense ratio 0.87%) | $91 | $285 | $495 |
| Trading costs (broker commissions) | $2 | $6 | $10 |
| Lost growth on money paid in costs | $0 | $14 | $51 |
| Total costs | $93 | $305 | $556 |
| Value after costs | $10,407 | $11,271 | $12,206 |
| Impact on return, per year | 0.93% | 0.93% | 0.93% |
IVVIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0175%
- Total broker commissions: $61K
- Bought from dealers (principal trades, not a cost): $535K
- Portfolio turnover (prospectus): 22%
- Securities lending: none during the year
IVVIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $8K | 16.43% |
| J.P. Morgan Securities LLC | $8K | 15.85% |
| BOFA SECURITIES, INC. | $6K | 12.42% |
| CitiGroup Global Markets Inc. | $6K | 12.40% |
| UBS Securities LLC | $6K | 11.02% |
| GOLDMAN SACHS & CO. LLC | $5K | 9.73% |
| JEFFERIES LLC | $3K | 6.56% |
| BTIG, LLC | $3K | 6.31% |
| VIRTU AMERICAS LLC | $3K | 6.06% |
| BMO HARRIS FINANCIAL ADVISORS, INC. | $2K | 3.22% |
IVVIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| RAYMOND JAMES & ASSOCIATES, INC. | $535K | 100.00% |
Nomura Smid Cap Core Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| ISPVX | Class R6 | 0.77% | none |
| IVVIX | Institutional Class | 0.87% | none |
| IYSAX | Class A | 1.12% | 5.75% |
| IYSYX | Class Y | 1.12% | none |
| IYSMX | Class R | 1.37% | none |
| IYSCX | Class C | 1.87% | 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.