C000254989 Fees and Costs — U.S. Small and Mid Cap Equity Fund, Class 4
Data updated: 2026-08-27
The net expense ratio is 1.04%: a 0.45% management fee, a 0.25% 12b-1 fee plus 0.42% other expenses, less a 0.08% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $43K in broker commissions, 0.0833% of average net assets, and portfolio turnover was 82%.
C000254989 Fees and Expenses
Annual operating expenses and sales charges of C000254989. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.42% |
| Gross expense ratio | 1.12% |
| Fee waiver | −0.08% |
| Net expense ratio | 1.04% |
| Sales charges | |
|---|---|
| Max front load | — |
| 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 | No |
C000254989 Costs Over Time
On $10,000 invested in C000254989, assuming 5% a year before costs, total costs come to $701 over 5 years, cutting the return by 1.18% 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 1.04%) | $109 | $340 | $589 |
| Trading costs (broker commissions) | $9 | $27 | $47 |
| Lost growth on money paid in costs | $0 | $18 | $64 |
| Total costs | $118 | $386 | $701 |
| Value after costs | $10,382 | $11,191 | $12,062 |
| Impact on return, per year | 1.18% | 1.18% | 1.18% |
C000254989 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0833%
- Total broker commissions: $43K
- Bought from dealers (principal trades, not a cost): $1.5M
- Portfolio turnover (prospectus): 82%
- Securities on loan, average value: $399K
- Net income from securities lending: $6K (0.012% of average net assets)
C000254989 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $33K | 81.09% |
| Virtu Americas LLC | $2K | 3.81% |
| UBS AG | $1K | 3.20% |
| J.P. Morgan Securities LLC | $1K | 2.48% |
| RBC Capital Markets LLC | $820 | 2.02% |
| William Blair & Company, L.L.C. | $785 | 1.94% |
| Jefferies & Company Inc. | $677 | 1.67% |
| Sanford Bernstein & Co. LLC | $528 | 1.30% |
| Barclays Bank PLC | $504 | 1.24% |
| Roth Capital Partners, LLC | $500 | 1.23% |
C000254989 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $574K | 38.21% |
| Goldman Sachs & Co. LLC | $528K | 35.18% |
| Jefferies & Company Inc. | $175K | 11.67% |
| Citigroup Global Markets Inc. | $164K | 10.93% |
| J.P. Morgan Securities LLC | $52K | 3.44% |
| Bank of America, N.A. | $8K | 0.56% |
U.S. Small and Mid Cap Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| C000254990 | Class 1 | 0.54% | — |
| C000254991 | Class 1A | 0.79% | — |
| C000254992 | Class 2 | 0.79% | — |
| C000254989 | Class 4 | 1.04% | — |
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.