CIL Fees and Costs — VictoryShares International Volatility Wtd ETF
Data updated: 2026-02-27
The net expense ratio is 0.45%: a 0.40% management fee plus 0.20% other expenses, less a 0.15% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $49K in broker commissions, 0.0489% of average net assets, and portfolio turnover was 27%.
CIL Fees and Expenses
Annual operating expenses and sales charges of CIL. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | — |
| Other expenses | 0.20% |
| Gross expense ratio | 0.60% |
| Fee waiver | −0.15% |
| Net expense ratio | 0.45% |
| 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 |
CIL Costs Over Time
On $10,000 invested in CIL, assuming 5% a year before costs, total costs come to $315 over 5 years, cutting the return by 0.52% 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 0.45%) | $47 | $148 | $258 |
| Trading costs (broker commissions) | $5 | $16 | $28 |
| Lost growth on money paid in costs | $0 | $8 | $29 |
| Total costs | $52 | $172 | $315 |
| Value after costs | $10,448 | $11,404 | $12,448 |
| Impact on return, per year | 0.52% | 0.52% | 0.52% |
CIL Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0489%
- Total broker commissions: $49K
- Bought from dealers (principal trades, not a cost): $2.1M
- Portfolio turnover (prospectus): 27%
- Securities on loan, average value: $31K
- Net income from securities lending: $15K (0.015% of average net assets)
CIL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $25K | 50.18% |
| Citigroup Global Markets Inc. | $24K | 48.16% |
| BofA Securities, Inc. | $375 | 0.76% |
| Citadel Securities LLC | $182 | 0.37% |
| Goldman Sachs & Co. LLC | $141 | 0.29% |
| J.P. Morgan Securities LLC | $53 | 0.11% |
| RBC Capital Markets, LLC | $51 | 0.10% |
| Virtu Americas LLC | $9 | 0.02% |
| Susquehanna Securities | $8 | 0.02% |
CIL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $2.0M | 92.55% |
| Goldman Sachs & Co. LLC | $160K | 7.45% |
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.