MERIX Fees and Costs — The Merger Fund, Class I
Data updated: 2026-08-28
The net expense ratio is 1.26% (1.36% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $3.6M in broker commissions, 0.1498% of average net assets, and portfolio turnover was 149%.
MERIX Fees and Expenses
Annual operating expenses and sales charges of MERIX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.28% |
| Gross expense ratio | 1.36% |
| Fee waiver | −0.10% |
| Net expense ratio | 1.26% |
| 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 | Yes |
MERIX Costs Over Time
On $10,000 invested in MERIX, assuming 5% a year before costs, total costs come to $875 over 5 years, cutting the return by 1.48% 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 1.26%) | $132 | $411 | $710 |
| Trading costs (broker commissions) | $16 | $49 | $84 |
| Lost growth on money paid in costs | $0 | $23 | $81 |
| Total costs | $148 | $483 | $875 |
| Value after costs | $10,352 | $11,094 | $11,888 |
| Impact on return, per year | 1.48% | 1.48% | 1.48% |
MERIX 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): 0.1498%
- Total broker commissions: $3.6M
- Bought from dealers (principal trades, not a cost): $2.3B
- Portfolio turnover (prospectus): 149%
- Securities on loan, average value: $4.7M
- Net income from securities lending: $65K (0.003% of average net assets)
MERIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES, LLC | $645K | 24.81% |
| NATIONAL FINANCIAL SERVICES LLC | $304K | 11.70% |
| MIZUHO SECURITIES (USA) INC. | $276K | 10.63% |
| Raymond James & Associates, Inc. | $246K | 9.47% |
| GOLDMAN SACHS & CO. LLC | $245K | 9.41% |
| Seaport Global Securities LLC | $211K | 8.12% |
| INTERACTIVE BROKERS, LLC | $200K | 7.69% |
| CANTOR FITZGERALD & CO. | $183K | 7.04% |
| RBC CAPITAL MARKETS, LLC | $149K | 5.72% |
| UBS Securities LLC | $140K | 5.39% |
MERIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $1.1B | 53.57% |
| J.P. Morgan Securities LLC | $514.1M | 24.81% |
| BOFA SECURITIES, INC. | $129.7M | 6.26% |
| CANTOR FITZGERALD & CO. | $78.8M | 3.80% |
| BARCLAYS CAPITAL, INC. | $59.8M | 2.89% |
| CITIGROUP GLOBAL MARKETS INC | $49.2M | 2.37% |
| Robert W. Baird & Co. Incorporated | $48.5M | 2.34% |
| PERSHING LLC | $29.9M | 1.44% |
| UBS SECURITIES LLC | $28.0M | 1.35% |
| RAYMOND JAMES & ASSOCIATES, INC. | $24.1M | 1.16% |
The Merger Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| MERIX | Class I | 1.26% | none |
| MERFX | Class A | 1.55% | 5.50% |
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.