AVVIX Fees and Costs — VP Large Company Value Fund, Class I
Data updated: 2024-05-29
The net expense ratio is 0.70%: a 0.82% management fee plus 0.01% other expenses, less a 0.13% fee waiver. There are no sales loads or redemption fees. In fiscal 2023 the fund paid $25K in broker commissions, 0.0171% of average net assets, and portfolio turnover was 30%.
AVVIX Fees and Expenses
Annual operating expenses and sales charges of AVVIX. Prospectus, as of April 30, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.82% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.83% |
| Fee waiver | −0.13% |
| Net expense ratio | 0.70% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
AVVIX Costs Over Time
On $10,000 invested in AVVIX, assuming 5% a year before costs, total costs come to $451 over 5 years, cutting the return by 0.75% 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 0.70%) | $74 | $230 | $400 |
| Trading costs (broker commissions) | $2 | $6 | $10 |
| Lost growth on money paid in costs | $0 | $12 | $41 |
| Total costs | $75 | $247 | $451 |
| Value after costs | $10,425 | $11,329 | $12,312 |
| Impact on return, per year | 0.75% | 0.75% | 0.75% |
AVVIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0171%
- Total broker commissions: $25K
- Bought from dealers (principal trades, not a cost): $915.0M
- Portfolio turnover (prospectus): 30%
- Securities lending: none during the year
AVVIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $3K | 16.17% |
| Bank of America Merrill Lynch | $3K | 14.52% |
| J.P. Morgan Securities | $3K | 14.13% |
| Sanford C. Bernstein | $2K | 12.71% |
| Morgan Stanley | $2K | 10.96% |
| Citigroup Capital Markets Inc | $2K | 10.47% |
| UBS Warburg | $1K | 5.87% |
| Barclays Capital | $1K | 5.38% |
| Keybanc Capital Markets Inc | $919 | 4.91% |
| Robert W Baird | $913 | 4.88% |
AVVIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Global Markets | $668.5M | 73.06% |
| BMO Capital Markets | $137.3M | 15.01% |
| J.P. Morgan Securities | $38.6M | 4.22% |
| Bank of America Merrill Lynch | $25.0M | 2.73% |
| Morgan Stanley | $24.7M | 2.70% |
| Goldman Sachs | $18.4M | 2.01% |
| Toronto-Dominion Corp | $2.4M | 0.27% |
| UBS Warburg | $87K | 0.01% |
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.