DFVEX Fees and Costs — U.s. Vector Equity Portfolio, Institutional Class Shares
Data updated: 2026-09-24
The net expense ratio is 0.24%: a 0.20% management fee plus 0.04% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $132K in broker commissions, 0.0027% of average net assets, and portfolio turnover was 11%.
DFVEX Fees and Expenses
Annual operating expenses and sales charges of DFVEX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.20% |
| 12b-1 fee | — |
| Other expenses | 0.04% |
| Gross expense ratio | 0.24% |
| Fee waiver | — |
| Net expense ratio | 0.24% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
DFVEX Costs Over Time
On $10,000 invested in DFVEX, assuming 5% a year before costs, total costs come to $154 over 5 years, cutting the return by 0.25% 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 0.24%) | $25 | $79 | $139 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $4 | $14 |
| Total costs | $25 | $84 | $154 |
| Value after costs | $10,475 | $11,492 | $12,609 |
| Impact on return, per year | 0.25% | 0.25% | 0.25% |
DFVEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0027%
- Total broker commissions: $132K
- Bought from dealers (principal trades, not a cost): $1.9B
- Portfolio turnover (prospectus): 11%
- Securities on loan, average value: $89.6M
- Net income from securities lending: $240K (0.005% of average net assets)
DFVEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $28K | 21.37% |
| Jefferies LLC | $26K | 19.96% |
| BofA Securities, Inc. | $24K | 18.41% |
| Nomura Securities International, Inc. | $24K | 18.28% |
| Goldman Sachs & Co. LLC | $13K | 9.67% |
| BNY Capital Markets, LLC | $10K | 7.36% |
| UBS Securities LLC | $3K | 2.10% |
| Stifel, Nicolaus & Company, Incorporated | $3K | 2.00% |
| JonesTrading Institutional Services LLC | $688 | 0.52% |
| BTIG, LLC | $448 | 0.34% |
DFVEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $1.9B | 99.93% |
| Jefferies LLC | $1.3M | 0.07% |
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.