C000253489 Fees and Costs — NAA Risk Managed Real Estate Fund, Institutional Class
Data updated: 2026-08-19
The net expense ratio is 1.62%: a 0.75% management fee plus 0.95% other expenses, less a 0.08% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $198K in broker commissions, 0.0844% of average net assets, and portfolio turnover was 69%.
C000253489 Fees and Expenses
Annual operating expenses and sales charges of C000253489. Prospectus, as of January 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | — |
| Other expenses | 0.95% |
| Gross expense ratio | 1.70% |
| Fee waiver | −0.08% |
| Net expense ratio | 1.62% |
| 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 |
C000253489 Costs Over Time
On $10,000 invested in C000253489, assuming 5% a year before costs, total costs come to $1,051 over 5 years, cutting the return by 1.79% 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 1.62%) | $170 | $527 | $907 |
| Trading costs (broker commissions) | $9 | $27 | $47 |
| Lost growth on money paid in costs | $0 | $28 | $97 |
| Total costs | $179 | $582 | $1,051 |
| Value after costs | $10,321 | $10,994 | $11,712 |
| Impact on return, per year | 1.79% | 1.79% | 1.79% |
C000253489 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): 0.0844%
- Total broker commissions: $198K
- Bought from dealers (principal trades, not a cost): $59.5M
- Portfolio turnover (prospectus): 69%
- Securities lending: none during the year
C000253489 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO BROKERAGE SERVICES LLC | $127K | 64.10% |
| MORGAN STANLEY & CO., LLC | $48K | 24.31% |
| CITIGROUP GLOBAL MARKETS, INC | $17K | 8.60% |
| BOFA SECURITIES, INC. | $6K | 2.81% |
| J.P. MORGAN SECURITIES LLC | $344 | 0.17% |
| WELLS FARGO SECURITIES, LLC | $6 | 0.00% |
C000253489 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO., LLC | $29.2M | 49.17% |
| WELLS FARGO ADVISORS LLC | $26.8M | 45.01% |
| GOLDMAN, SACHS & CO. | $2.0M | 3.44% |
| WELLS FARGO BROKERAGE SERVICES LLC | $1.1M | 1.93% |
| CITIGROUP GLOBAL MARKETS, INC | $268K | 0.45% |
NAA Risk Managed Real Estate Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| C000253489 | Institutional Class | 1.62% | none |
| C000253490 | Class A | 1.94% | 4.75% |
| C000253492 | Class C | 2.64% | 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.