C000126627 Fees and Costs — TOPS Managed Risk Flex ETF Portfolio
Data updated: 2026-08-24
The net expense ratio is 0.95%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $5K in broker commissions, 0.0042% of average net assets, and portfolio turnover was 7%.
C000126627 Fees and Expenses
Annual operating expenses and sales charges of C000126627. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.45% |
| Other expenses | 0.11% |
| Gross expense ratio | 0.95% |
| Fee waiver | — |
| Net expense ratio | 0.95% |
| 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 |
C000126627 Costs Over Time
On $10,000 invested in C000126627, assuming 5% a year before costs, total costs come to $597 over 5 years, cutting the return by 1.00% 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 0.95%) | $100 | $311 | $540 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $15 | $55 |
| Total costs | $100 | $328 | $597 |
| Value after costs | $10,400 | $11,248 | $12,165 |
| Impact on return, per year | 1.00% | 1.00% | 1.00% |
C000126627 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): 0.0042%
- Total broker commissions: $5K
- Bought from dealers (principal trades, not a cost): $257.8M
- Portfolio turnover (prospectus): 7%
- Securities on loan, average value: $10.3M
- Net income from securities lending: $47K (0.037% of average net assets)
C000126627 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JANE STREET | $3K | 50.35% |
| MESIROW FINANCIAL | $1K | 26.54% |
| STONEX FINANCIAL | $1K | 23.12% |
C000126627 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BANK OF AMERICA MERRILL LYNCH | $217.8M | 100.00% |
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.