C000253496 Fees and Costs — NAA SMid Cap Value Fund
Data updated: 2026-08-19
The net expense ratio is 1.21%: a 0.75% management fee, a 0.25% 12b-1 fee plus 0.27% other expenses, less a 0.06% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $208K in broker commissions, 0.0662% of average net assets, and portfolio turnover was 63%.
C000253496 Fees and Expenses
Annual operating expenses and sales charges of C000253496. Prospectus, as of January 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.27% |
| Gross expense ratio | 1.27% |
| Fee waiver | −0.06% |
| Net expense ratio | 1.21% |
| 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 |
C000253496 Costs Over Time
On $10,000 invested in C000253496, assuming 5% a year before costs, total costs come to $794 over 5 years, cutting the return by 1.34% 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 1.21%) | $127 | $395 | $683 |
| Trading costs (broker commissions) | $7 | $22 | $37 |
| Lost growth on money paid in costs | $0 | $21 | $73 |
| Total costs | $134 | $438 | $794 |
| Value after costs | $10,366 | $11,139 | $11,969 |
| Impact on return, per year | 1.34% | 1.34% | 1.34% |
C000253496 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): 0.0662%
- Total broker commissions: $208K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 63%
- Securities lending: none during the year
C000253496 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO BROKERAGE SERVICES LLC | $77K | 37.09% |
| JP MORGAN CHASE & CO | $48K | 23.08% |
| CITIGROUP GLOBAL MARKETS, INC | $41K | 19.95% |
| BOFA SECURITIES, INC. | $36K | 17.31% |
| UBS SECURITIES LLC | $3K | 1.34% |
| WILLIAM BLAIR & COMPANY LLC | $1K | 0.55% |
| J.P. MORGAN SECURITIES LLC | $718 | 0.35% |
| INSTINET LLC | $394 | 0.19% |
| CANTOR FITZGERALD & CO. | $172 | 0.08% |
| WELLS FARGO SECURITIES, LLC | $126 | 0.06% |
NAA SMid 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 |
|---|---|---|---|
| C000253493 | Institutional Class | 0.92% | none |
| C000253495 | Class A | 1.15% | 4.75% |
| C000253496 | C000253496 | 1.21% | none |
| C000253494 | Class C | 2.00% | 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.