PFFA Fees and Costs — Virtus InfraCap U.S. Preferred Stock ETF
Data updated: 2026-09-29
The net expense ratio is 2.11%: a 0.80% management fee plus 1.31% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $179K in broker commissions, 0.0114% of average net assets, and portfolio turnover was 58%.
PFFA Fees and Expenses
Annual operating expenses and sales charges of PFFA. Prospectus, as of February 26, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | — |
| Other expenses | 1.31% |
| Gross expense ratio | 2.11% |
| Fee waiver | — |
| Net expense ratio | 2.11% |
| 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 |
PFFA Costs Over Time
On $10,000 invested in PFFA, assuming 5% a year before costs, total costs come to $1,298 over 5 years, cutting the return by 2.23% 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 2.11%) | $222 | $683 | $1,171 |
| Trading costs (broker commissions) | $1 | $4 | $6 |
| Lost growth on money paid in costs | $0 | $34 | $120 |
| Total costs | $223 | $721 | $1,298 |
| Value after costs | $10,277 | $10,855 | $11,465 |
| Impact on return, per year | 2.23% | 2.23% | 2.23% |
PFFA Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0114%
- Total broker commissions: $179K
- Bought from dealers (principal trades, not a cost): $2.1B
- Portfolio turnover (prospectus): 58%
- Securities lending: none during the year
PFFA Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INTERACTIVE BROKERS, LLC | $148K | 82.83% |
| RBC CAPITAL MARKETS, LLC | $12K | 6.69% |
| MORGAN STANLEY & CO. LLC | $8K | 4.50% |
| GOLDMAN SACHS & CO. LLC | $6K | 3.37% |
| WELLS FARGO SECURITIES, LLC | $2K | 1.37% |
| J.P. Morgan Securities LLC | $2K | 1.07% |
| JONESTRADING | $200 | 0.11% |
| GTS EXECUTION SERVICES LLC | $100 | 0.06% |
PFFA Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO SECURITIES, LLC | $504.0M | 24.55% |
| GOLDMAN SACHS & CO. LLC | $477.5M | 23.26% |
| MORGAN STANLEY & CO. LLC | $321.2M | 15.65% |
| Seaport Global Securities LLC | $251.6M | 12.26% |
| RBC CAPITAL MARKETS, LLC | $130.6M | 6.36% |
| BOFA SECURITIES, INC. | $126.7M | 6.17% |
| VIRTU AMERICAS LLC | $75.8M | 3.69% |
| PIPER SANDLER & CO. | $66.8M | 3.25% |
| UBS SECURITIES LLC | $63.4M | 3.09% |
| Brownstone Investment Group, LLC | $35.1M | 1.71% |
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.