C000264374 Fees and Costs — Capital Appreciation Portfolio, Class I
Data updated: 2026-08-11
The net expense ratio is 0.95%: a 0.80% management fee, a 0.20% 12b-1 fee plus 0.06% other expenses, less a 0.11% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $4K in broker commissions, 0.0101% of average net assets, and portfolio turnover was 12%.
C000264374 Fees and Expenses
Annual operating expenses and sales charges of C000264374. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.20% |
| Other expenses | 0.06% |
| Gross expense ratio | 1.06% |
| Fee waiver | −0.11% |
| Net expense ratio | 0.95% |
| 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 | Yes |
C000264374 Costs Over Time
On $10,000 invested in C000264374, assuming 5% a year before costs, total costs come to $601 over 5 years, cutting the return by 1.01% 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 0.95%) | $100 | $311 | $540 |
| Trading costs (broker commissions) | $1 | $3 | $6 |
| Lost growth on money paid in costs | $0 | $16 | $55 |
| Total costs | $101 | $330 | $601 |
| Value after costs | $10,399 | $11,246 | $12,162 |
| Impact on return, per year | 1.01% | 1.01% | 1.01% |
C000264374 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): 0.0101%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $18.1M
- Portfolio turnover (prospectus): 12%
- Securities lending: none during the year
C000264374 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jane Street Execution Services, LLC | $500 | 17.81% |
| J.P. Morgan Securities LLC | $471 | 16.76% |
| Virtu Americas LLC | $463 | 16.49% |
| Citigroup Global Markets Inc. | $244 | 8.67% |
| BMO Capital Markets Corp. | $210 | 7.46% |
| Stifel, Nicolaus & Company, Incorporated | $202 | 7.19% |
| BofA Securities, Inc. | $194 | 6.90% |
| Goldman Sachs & Co. LLC | $190 | 6.75% |
| Citadel Securities LLC | $172 | 6.12% |
| Evercore Group L.L.C. | $165 | 5.86% |
C000264374 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $4.5M | 25.37% |
| J.P. Morgan Securities LLC | $4.1M | 23.14% |
| Barclays Capital Inc. | $3.8M | 21.19% |
| Morgan Stanley & Co. LLC | $2.3M | 12.65% |
| BofA Securities, Inc. | $1.1M | 5.94% |
| Citigroup Global Markets Inc. | $1.0M | 5.87% |
| BNP Paribas Securities Corp. | $447K | 2.50% |
| Jefferies LLC | $348K | 1.95% |
| RBC Capital Markets, LLC | $142K | 0.80% |
| Truist Securities, Inc. | $106K | 0.59% |
Capital Appreciation Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| C000264375 | Class P | 0.75% | — |
| C000264374 | Class I | 0.95% | — |
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.