CEZ Fees and Costs — VictoryShares Emerging Market Volatility Wtd ETF
Data updated: 2021-05-26
The net expense ratio is 0.50%: a 0.45% management fee plus 0.58% other expenses, less a 0.53% fee waiver. There are no sales loads or redemption fees. In fiscal 2020 the fund paid $52K in broker commissions, 0.1205% of average net assets, and portfolio turnover was 47%.
CEZ Fees and Expenses
Annual operating expenses and sales charges of CEZ. Prospectus, as of October 31, 2020.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | — |
| Other expenses | 0.58% |
| Gross expense ratio | 1.03% |
| Fee waiver | −0.53% |
| Net expense ratio | 0.50% |
| 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 |
CEZ Costs Over Time
On $10,000 invested in CEZ, assuming 5% a year before costs, total costs come to $391 over 5 years, cutting the return by 0.65% 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 0.50%) | $52 | $164 | $286 |
| Trading costs (broker commissions) | $13 | $40 | $69 |
| Lost growth on money paid in costs | $0 | $10 | $36 |
| Total costs | $65 | $214 | $391 |
| Value after costs | $10,435 | $11,362 | $12,372 |
| Impact on return, per year | 0.65% | 0.65% | 0.65% |
CEZ Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2020.
- Explicit cost rate (commissions ÷ average net assets): 0.1205%
- Total broker commissions: $52K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 47%
- Securities on loan, average value: $232K
- Net income from securities lending: $4K (0.008% of average net assets)
CEZ Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CREDIT SUISSE SECURITIES (USA) LLC | $18K | 34.50% |
| MORGAN STANLEY & CO. LLC | $16K | 31.11% |
| CITIGROUP GLOBAL MARKETS INC. | $14K | 26.82% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED | $3K | 6.20% |
| GOLDMAN SACHS & CO. LLC | $306 | 0.59% |
| MACQUARIE CAPITAL (USA) INC. | $279 | 0.54% |
| RBC CAPITAL MARKETS | $75 | 0.14% |
| J.P. MORGAN SECURITIES LLC | $44 | 0.09% |
| UBS SECURITIES LLC | $5 | 0.01% |
| DEUTSCHE BANK SECURITIES INC. | $0 | 0.00% |
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.