PXWEX Fees and Costs — Impax Ellevate Global Women's Leadership Fund, Investor Class
Data updated: 2026-08-19
The net expense ratio is 0.78%: a 0.53% management fee plus a 0.25% 12b-1 fee. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $363K in broker commissions, 0.0514% of average net assets, and portfolio turnover was 38%.
PXWEX Fees and Expenses
Annual operating expenses and sales charges of PXWEX. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.53% |
| 12b-1 fee | 0.25% |
| Other expenses | — |
| Gross expense ratio | 0.78% |
| Fee waiver | — |
| Net expense ratio | 0.78% |
| 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 | No |
| Waived fees subject to recoupment | No |
PXWEX Costs Over Time
On $10,000 invested in PXWEX, assuming 5% a year before costs, total costs come to $522 over 5 years, cutting the return by 0.87% 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 0.78%) | $82 | $256 | $445 |
| Trading costs (broker commissions) | $5 | $17 | $29 |
| Lost growth on money paid in costs | $0 | $13 | $48 |
| Total costs | $87 | $286 | $522 |
| Value after costs | $10,413 | $11,290 | $12,241 |
| Impact on return, per year | 0.87% | 0.87% | 0.87% |
PXWEX 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): 0.0514%
- Total broker commissions: $363K
- Bought from dealers (principal trades, not a cost): $196.2M
- Portfolio turnover (prospectus): 38%
- Securities on loan, average value: $5.9M
- Net income from securities lending: $9K (0.001% of average net assets)
PXWEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $93K | 25.91% |
| Barclays Capital, Inc. | $83K | 23.16% |
| UBS Securities LLC | $71K | 19.72% |
| BofA Securities, Inc. | $59K | 16.43% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $22K | 6.00% |
| Goldman Sachs & Co. LLC | $12K | 3.31% |
| ABN AMRO Clearing Chicago LLC | $9K | 2.59% |
| National Bank of Canada | $4K | 1.08% |
| Optiver V.O.F. | $4K | 1.07% |
| Societe Generale | $3K | 0.72% |
PXWEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $196.2M | 100.00% |
Impax Ellevate Global Women's Leadership Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PXWIX | Institutional Class | 0.53% | none |
| PXWEX | Investor Class | 0.78% | 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.