C000253487 Fees and Costs — NAA Opportunity Fund, Institutional Class
Data updated: 2026-08-19
The net expense ratio is 1.41%: a 0.90% management fee plus 0.56% other expenses, less a 0.05% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $34K in broker commissions, 0.0936% of average net assets, and portfolio turnover was 234%.
C000253487 Fees and Expenses
Annual operating expenses and sales charges of C000253487. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | — |
| Other expenses | 0.56% |
| Gross expense ratio | 1.46% |
| Fee waiver | −0.05% |
| Net expense ratio | 1.41% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
C000253487 Costs Over Time
On $10,000 invested in C000253487, assuming 5% a year before costs, total costs come to $931 over 5 years, cutting the return by 1.58% 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 1.41%) | $148 | $460 | $793 |
| Trading costs (broker commissions) | $10 | $31 | $53 |
| Lost growth on money paid in costs | $0 | $24 | $86 |
| Total costs | $158 | $514 | $931 |
| Value after costs | $10,342 | $11,062 | $11,832 |
| Impact on return, per year | 1.58% | 1.58% | 1.58% |
C000253487 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): 0.0936%
- Total broker commissions: $34K
- Bought from dealers (principal trades, not a cost): $29.7M
- Portfolio turnover (prospectus): 234%
- Securities lending: none during the year
C000253487 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO., LLC | $25K | 74.83% |
| J.P. MORGAN SECURITIES LLC | $8K | 22.55% |
| BOFA SECURITIES, INC. | $880 | 2.62% |
C000253487 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO ADVISORS LLC | $29.7M | 100.00% |
NAA Opportunity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| C000253487 | Institutional Class | 1.41% | none |
| C000253488 | Class A | 1.71% | 4.75% |
| C000253485 | Class C | 2.46% | 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.