MERVX Fees and Costs — The Merger Fund VL
Data updated: 2026-08-28
The net expense ratio is 1.43% (1.92% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $39K in broker commissions, 0.1546% of average net assets, and portfolio turnover was 173%.
MERVX Fees and Expenses
Annual operating expenses and sales charges of MERVX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.65% |
| Gross expense ratio | 1.92% |
| Fee waiver | −0.49% |
| Net expense ratio | 1.43% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
MERVX Costs Over Time
On $10,000 invested in MERVX, assuming 5% a year before costs, total costs come to $980 over 5 years, cutting the return by 1.66% 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 1.43%) | $150 | $466 | $803 |
| Trading costs (broker commissions) | $16 | $50 | $87 |
| Lost growth on money paid in costs | $0 | $26 | $90 |
| Total costs | $166 | $542 | $980 |
| Value after costs | $10,334 | $11,035 | $11,783 |
| Impact on return, per year | 1.66% | 1.66% | 1.66% |
MERVX 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): 0.1546%
- Total broker commissions: $39K
- Bought from dealers (principal trades, not a cost): $26.0M
- Portfolio turnover (prospectus): 173%
- Securities on loan, average value: $53K
- Net income from securities lending: $574 (0.002% of average net assets)
MERVX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES, LLC | $7K | 25.14% |
| NATIONAL FINANCIAL SERVICES LLC | $4K | 14.47% |
| Seaport Global Securities LLC | $3K | 9.61% |
| GOLDMAN SACHS & CO. LLC | $3K | 9.03% |
| Raymond James & Associates, Inc. | $3K | 8.95% |
| MIZUHO SECURITIES (USA) INC. | $2K | 8.41% |
| INTERACTIVE BROKERS, LLC | $2K | 6.78% |
| RBC CAPITAL MARKETS, LLC | $2K | 6.46% |
| CANTOR FITZGERALD & CO. | $2K | 6.31% |
| J.P. Morgan Securities LLC | $1K | 4.84% |
MERVX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $16.3M | 66.92% |
| J.P. Morgan Securities LLC | $3.4M | 14.18% |
| BOFA SECURITIES, INC. | $1.5M | 6.37% |
| CANTOR FITZGERALD & CO. | $605K | 2.49% |
| CitiGroup Global Markets Inc. | $601K | 2.48% |
| BARCLAYS CAPITAL, INC. | $547K | 2.25% |
| Robert W. Baird & Co. Incorporated | $494K | 2.03% |
| PERSHING LLC | $306K | 1.26% |
| RBC CAPITAL MARKETS, LLC | $246K | 1.01% |
| RAYMOND JAMES & ASSOCIATES, INC. | $244K | 1.00% |
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.