NVIR Fees and Costs — Horizon Kinetics Energy and Remediation ETF
Data updated: 2026-08-26
The net expense ratio is 0.85%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $300 in broker commissions, 0.0078% of average net assets, and portfolio turnover was 7%.
NVIR Fees and Expenses
Annual operating expenses and sales charges of NVIR. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.85% |
| Fee waiver | — |
| Net expense ratio | 0.85% |
| 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 |
NVIR Costs Over Time
On $10,000 invested in NVIR, assuming 5% a year before costs, total costs come to $538 over 5 years, cutting the return by 0.90% 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 0.85%) | $89 | $279 | $484 |
| Trading costs (broker commissions) | $1 | $3 | $4 |
| Lost growth on money paid in costs | $0 | $14 | $49 |
| Total costs | $90 | $295 | $538 |
| Value after costs | $10,410 | $11,281 | $12,225 |
| Impact on return, per year | 0.90% | 0.90% | 0.90% |
NVIR 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): 0.0078%
- Total broker commissions: $300
- Bought from dealers (principal trades, not a cost): $150K
- Portfolio turnover (prospectus): 7%
- Securities on loan, average value: $52K
- Net income from securities lending: $195 (0.005% of average net assets)
NVIR Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| WEEDEN & CO.L.P. | $127 | 42.47% |
| FIDELITY BROKERAGE SERVICES LLC | $85 | 28.43% |
| VIRTU ITG LLC | $55 | 18.39% |
| MADISON WILLIAMS AND COMPANY | $32 | 10.70% |
NVIR Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| ACADEMY SECURITIES INC. | $150K | 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.