VPC Fees and Costs — Virtus Private Credit Strategy ETF
Data updated: 2026-09-29
The net expense ratio is 10.60%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $39K in broker commissions, 0.0714% of average net assets, and portfolio turnover was 32%.
VPC Fees and Expenses
Annual operating expenses and sales charges of VPC. Prospectus, as of February 26, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 10.60% |
| Fee waiver | — |
| Net expense ratio | 10.60% |
| 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 |
VPC Costs Over Time
On $10,000 invested in VPC, assuming 5% a year before costs, total costs come to $5,503 over 5 years, cutting the return by 11.20% 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 10.60%) | $1,113 | $3,136 | $4,916 |
| Trading costs (broker commissions) | $7 | $21 | $33 |
| Lost growth on money paid in costs | $0 | $167 | $554 |
| Total costs | $1,120 | $3,325 | $5,503 |
| Value after costs | $9,380 | $8,252 | $7,259 |
| Impact on return, per year | 11.20% | 11.20% | 11.20% |
VPC 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): 0.0714%
- Total broker commissions: $39K
- Bought from dealers (principal trades, not a cost): $27.5M
- Portfolio turnover (prospectus): 32%
- Securities on loan, average value: $8.8M
- Net income from securities lending: $312K (0.566% of average net assets)
VPC Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jane Street Execution Services, LLC | $37K | 94.61% |
| VIRTU AMERICAS LLC | $2K | 5.11% |
| FLOWDESK | $111 | 0.28% |
VPC Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $23.2M | 84.20% |
| VIRTU AMERICAS LLC | $2.2M | 8.08% |
| GOLDMAN SACHS & CO. LLC | $2.1M | 7.71% |
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.