C000253475 Fees and Costs — NAA Large Cap Value Fund
Data updated: 2026-08-19
The net expense ratio is 1.10%: a 0.65% management fee, a 0.25% 12b-1 fee plus 0.50% other expenses, less a 0.30% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $22K in broker commissions, 0.0338% of average net assets, and portfolio turnover was 61%.
C000253475 Fees and Expenses
Annual operating expenses and sales charges of C000253475. Prospectus, as of January 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.65% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.50% |
| Gross expense ratio | 1.40% |
| Fee waiver | −0.30% |
| Net expense ratio | 1.10% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 | Yes |
C000253475 Costs Over Time
On $10,000 invested in C000253475, assuming 5% a year before costs, total costs come to $707 over 5 years, cutting the return by 1.19% 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 1.10%) | $116 | $360 | $623 |
| Trading costs (broker commissions) | $4 | $11 | $19 |
| Lost growth on money paid in costs | $0 | $18 | $65 |
| Total costs | $119 | $389 | $707 |
| Value after costs | $10,381 | $11,187 | $12,056 |
| Impact on return, per year | 1.19% | 1.19% | 1.19% |
C000253475 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0338%
- Total broker commissions: $22K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 61%
- Securities lending: none during the year
C000253475 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CANTOR FITZGERALD & CO. | $7K | 31.36% |
| WELLS FARGO BROKERAGE SERVICES LLC | $7K | 29.60% |
| CITIGROUP GLOBAL MARKETS, INC | $5K | 21.70% |
| JP MORGAN CHASE & CO | $3K | 14.52% |
| J.P. MORGAN SECURITIES LLC | $451 | 2.04% |
| WELLS FARGO SECURITIES, LLC | $80 | 0.36% |
| MORGAN STANLEY & CO., LLC | $44 | 0.20% |
| UBS SECURITIES LLC | $20 | 0.09% |
| BOFA SECURITIES, INC. | $18 | 0.08% |
| JONES TRADING INSTITUTIONAL SERVICES LLC | $10 | 0.05% |
NAA Large Cap Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| C000253476 | Institutional Class | 0.85% | none |
| C000253473 | Class A | 1.10% | 4.75% |
| C000253475 | C000253475 | 1.10% | none |
| C000253474 | Class C | 1.85% | none |
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.