TOPS Conservative ETF Portfolio

C000211500 Fund Overview

TOPS Conservative ETF Portfolio is a US ETF managed by Northern Lights Variable Trust, categorised as United States Multi-Cap / All-Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US ETF
• Manager: Northern Lights Variable Trust
• Category: United States Multi-Cap / All-Cap Blend / Core Equity
• Assets under management: $51.75M
• 1-year return: 9.9%
• SEC CIK: 0001352621
• SEC series ID: S000031502
• Share class ID: C000211500

C000211500 Investment Objective and Strategy

TOPS Conservative ETF Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Northern Lights Variable Trust.

Investment objective

The Portfolio seeks to preserve capital and provide moderate income and moderate capital appreciation.

Principal investment strategy

The Portfolio employs a fund-of-funds structure that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (ETFs). The ETFs included in the Portfolio invest primarily in securities representing one of the following asset classes: Government Fixed Income Securities Corporate Fixed Income Securities Common and Preferred Stocks Real Estate-Related Securities (REITs) Natural Resource-Related Securities The Portfolio restricts investment in fixed income ETFs to those with an average maturity of 20 years or less and invests primarily in ETFs with average portfolio credit quality of investment grade. Maturity is the time between when a fixed income security is issued and when it matures. No more than 15% of the Portfolio will be allocated to fixed income ETFs with an average portfolio credit quality below investment grade (commonly referred to as junk bond credit quality).

The Portfolio defines investment grade credit quality as Baa3 or higher by Moodys Investors Service or BBB- or higher by Standard and Poors Rating Group. The Portfolio invests in ETFs that may invest in securities without restriction as to underlying issuer country (including foreign and emerging countries), capitalization or currency. The Portfolio considers emerging market countries to be those represented in the MSCI Emerging Markets Index. The Portfolio invests in REIT ETFs without restriction as to underlying issuer capitalization. The adviser seeks to achieve the Portfolios investment objectives by allocating assets and selecting individual ETFs using the advisers TOPS (The Optimized Portfolio System) methodology. The TOPS methodology utilizes multiple asset classes in an effort to enhance performance and/or reduce risk (as measured by return volatility).

To achieve the Portfolios capital preservation and moderate income aspect of the Portfolios investment objectives, the adviser allocates approximately 70% of Portfolio assets to fixed income ETFs. To achieve the moderate capital appreciation aspect of the Portfolios investment objectives, the adviser allocates approximately 30% of Portfolio assets to a combination of equity ETFs and REIT ETFs. Furthermore, the adviser selects some equity ETFs that are composed of value stocks. The adviser expects value stocks (those with a lower-than-average price-to-earnings ratio) to have returns that are less volatile than the equity market as a whole. The adviser selects individual ETFs that it believes are reasonably representative of an asset class, and have relatively low expenses and/or relatively high returns when compared to a peer group of ETFs.

The adviser may sell individual ETFs to rebalance asset allocation or to purchase a substitute ETF with a higher expected return or lower risk profile or for any other reason. The adviser seeks to enhance the efficiency of trade execution by employing a sub-adviser to execute security trades. The sub-adviser has some discretion on which securities to trade and when in the day to conduct the trade, subject to the advisers oversight. The Portfolio and the adviser have received a Securities and Exchange Commission (SEC) order that allows the adviser to hire a new sub-adviser or sub-advisers without shareholder approval. There is no guarantee that the Portfolio will meet its investment objectives. Who Should Invest in the Portfolio? The adviser believes the Portfolio is appropriate for investors with short-term to intermediate-term investment horizons who seek capital preservation as well as the opportunity for modest income and modest capital appreciation.

C000211500 Holdings

Top 10 holdings of TOPS Conservative ETF Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000211500 holdings

C000211500 Portfolio Allocation

Asset-class allocation of TOPS Conservative ETF Portfolio by percentage of net assets, from the latest SEC N-PORT filing.

C000211500 Performance

Total returns for C000211500 (as of 2026-10-01), from SEC filings.

C000211500 Risk Information

Risk metrics for C000211500, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 4.4%

C000211500 Costs and Fees

C000211500 costs about $61 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.61%
• Gross expense ratio: 0.61%
• Portfolio turnover: 21%
• Brokerage commissions: 0.81 bps of average net assets (SEC N-CEN)

C000211500 Cashflows

Over the 12 months to 2026-06, TOPS Conservative ETF Portfolio had net inflows of $6.92M, from monthly SEC N-PORT filings.

C000211500 Debt Constituents

No individual debt constituents are reported in TOPS Conservative ETF Portfolio's latest SEC N-PORT filing.

C000211500 Prospectus and SEC Filings

Official TOPS Conservative ETF Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-04-21
• Prospectus (485BPOS) — filed 2025-04-22
• Prospectus (485BPOS) — filed 2024-04-22
• Portfolio holdings (N-PORT) — filed 2026-08-24
• Portfolio holdings (N-PORT) — filed 2026-05-29
• Portfolio holdings (N-PORT) — filed 2026-02-26
• Annual census (N-CEN) — filed 2026-03-16
• Annual census (N-CEN) — filed 2025-03-17

Related Funds

Other United States Multi-Cap / All-Cap Blend / Core Equity funds tracked on ABC INVEST:

• MFS International Diversification Fund (MDIDX)
• Vanguard Lifestrategy Growth Fund (VASGX)
• Vanguard Lifestrategy Moderate Growth Fund (VSMGX)
• Vanguard Star Fund (VGSTX)
• Eaton Vance Short Duration Strategic Income Fund (ETSIX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.