UTES Fees and Costs — Virtus Reaves Utilities ETF
Data updated: 2026-10-13
The net expense ratio is 0.49%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $164K in broker commissions, 0.0127% of average net assets, and portfolio turnover was 66%.
UTES Fees and Expenses
Annual operating expenses and sales charges of UTES. Prospectus, as of November 25, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.49% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.49% |
| Fee waiver | — |
| Net expense ratio | 0.49% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
UTES Costs Over Time
On $10,000 invested in UTES, assuming 5% a year before costs, total costs come to $318 over 5 years, cutting the return by 0.53% 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 0.49%) | $51 | $161 | $281 |
| Trading costs (broker commissions) | $1 | $4 | $7 |
| Lost growth on money paid in costs | $0 | $8 | $29 |
| Total costs | $53 | $174 | $318 |
| Value after costs | $10,447 | $11,403 | $12,445 |
| Impact on return, per year | 0.53% | 0.53% | 0.53% |
UTES Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0127%
- Total broker commissions: $164K
- Bought from dealers (principal trades, not a cost): $1.8B
- Portfolio turnover (prospectus): 66%
UTES Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC CAPITAL MARKETS, LLC | $39K | 24.31% |
| INSTINET LLC | $31K | 19.28% |
| MORGAN STANLEY & CO. LLC | $22K | 13.63% |
| BARCLAYS CAPITAL, INC. | $19K | 11.60% |
| J.P. Morgan Securities LLC | $17K | 10.47% |
| WELLS FARGO SECURITIES, LLC | $12K | 7.30% |
| TD SECURITIES (USA) LLC | $9K | 5.40% |
| JEFFERIES LLC | $8K | 4.96% |
| BOFA SECURITIES, INC. | $3K | 1.75% |
| OUTSET GLOBAL TRADING LIMITED | $2K | 1.31% |
UTES Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $857.4M | 48.83% |
| VIRTU AMERICAS LLC | $304.9M | 17.36% |
| RBC CAPITAL MARKETS, LLC | $250.0M | 14.24% |
| CITADEL SECURITIES LLC | $245.7M | 13.99% |
| GOLDMAN SACHS & CO. LLC | $61.6M | 3.51% |
| J.P. Morgan Securities LLC | $17.8M | 1.01% |
| MORGAN STANLEY & CO. LLC | $14.1M | 0.80% |
| BARCLAYS CAPITAL, INC. | $4.6M | 0.26% |
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.