C000158840 Fees and Costs — TOPS Managed Risk Balanced ETF Portfolio, Investor Class
Data updated: 2026-08-24
The net expense ratio is 1.01%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $2K in broker commissions, 0.0036% of average net assets, and portfolio turnover was 10%.
C000158840 Fees and Expenses
Annual operating expenses and sales charges of C000158840. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.50% |
| Other expenses | 0.12% |
| Gross expense ratio | 1.01% |
| Fee waiver | — |
| Net expense ratio | 1.01% |
| 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 |
C000158840 Costs Over Time
On $10,000 invested in C000158840, assuming 5% a year before costs, total costs come to $634 over 5 years, cutting the return by 1.06% 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 1.01%) | $106 | $331 | $574 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $16 | $58 |
| Total costs | $106 | $348 | $634 |
| Value after costs | $10,394 | $11,228 | $12,129 |
| Impact on return, per year | 1.06% | 1.06% | 1.06% |
C000158840 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): 0.0036%
- Total broker commissions: $2K
- Bought from dealers (principal trades, not a cost): $90.3M
- Portfolio turnover (prospectus): 10%
- Securities on loan, average value: $5.5M
- Net income from securities lending: $25K (0.043% of average net assets)
C000158840 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JANE STREET | $1K | 56.50% |
| STONEX FINANCIAL | $470 | 22.82% |
| MESIROW FINANCIAL | $426 | 20.68% |
C000158840 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BANK OF AMERICA MERRILL LYNCH | $217.8M | 100.00% |
TOPS Managed Risk Balanced ETF Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| C000097933 | Class 1 | 0.51% | — |
| C000097932 | Class 2 | 0.76% | — |
| C000112453 | Class 3 | 0.85% | — |
| C000158840 | Investor Class | 1.01% | — |
| C000112454 | Class 4 | 1.10% | — |
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.