VAPAX Fees and Costs — Virtus FORT Trend Fund, Class A
Data updated: 2023-08-25
The net expense ratio is 1.60%: a 1.00% management fee, a 0.25% 12b-1 fee plus 0.34% other expenses. This share class carries a maximum front-end sales load of 5.50%. In fiscal 2022 the fund paid $121K in broker commissions, 0.0852% of average net assets, and portfolio turnover was 0%.
VAPAX Fees and Expenses
Annual operating expenses and sales charges of VAPAX. Prospectus, as of September 30, 2022.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.34% |
| Gross expense ratio | 1.59% |
| Fee waiver | — |
| Net expense ratio | 1.60% |
| Sales charges | |
|---|---|
| Max front load | 5.50% |
| 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 | Yes |
VAPAX Costs Over Time
On $10,000 invested in VAPAX, assuming 5% a year before costs, total costs come to $1,685 over 5 years, cutting the return by 2.93% 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 |
| Sales charges | $550 | $550 | $550 |
| Fund expenses (net expense ratio 1.60%) | $159 | $492 | $847 |
| Trading costs (broker commissions) | $8 | $26 | $45 |
| Lost growth on money paid in costs | $28 | $112 | $243 |
| Total costs | $745 | $1,180 | $1,685 |
| Value after costs | $9,755 | $10,396 | $11,078 |
| Impact on return, per year | 7.45% | 3.70% | 2.93% |
VAPAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2022.
- Explicit cost rate (commissions ÷ average net assets): 0.0852%
- Total broker commissions: $121K
- Bought from dealers (principal trades, not a cost): $274.9M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
VAPAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $31K | 25.40% |
| GOLDMAN SACHS & CO. LLC | $25K | 20.52% |
| MORGAN STANLEY & CO. LLC | $24K | 19.76% |
| CREDIT SUISSE SECURITIES (USA) LLC | $21K | 17.68% |
| SG AMERICAS SECURITIES LLC | $20K | 16.64% |
VAPAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Bank of New York Mellon | $244.4M | 88.91% |
| BNY MELLON CAPITAL MARKETS, LLC | $23.5M | 8.55% |
| SG AMERICAS SECURITIES, LLC | $4.0M | 1.45% |
| MORGAN STANLEY & CO. LLC | $3.0M | 1.09% |
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.