DVAL Fees and Costs — BrandywineGLOBAL-Dynamic US Large Cap Value ETF
Data updated: 2026-08-27
The net expense ratio is 0.49%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $40K in broker commissions, 0.0358% of average net assets, and portfolio turnover was 80%.
DVAL Fees and Expenses
Annual operating expenses and sales charges of DVAL. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.49% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.49% |
| Fee waiver | — |
| Net expense ratio | 0.49% |
| 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 |
DVAL Costs Over Time
On $10,000 invested in DVAL, assuming 5% a year before costs, total costs come to $332 over 5 years, cutting the return by 0.55% 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 0.49%) | $51 | $161 | $281 |
| Trading costs (broker commissions) | $4 | $12 | $21 |
| Lost growth on money paid in costs | $0 | $9 | $30 |
| Total costs | $55 | $182 | $332 |
| Value after costs | $10,445 | $11,395 | $12,431 |
| Impact on return, per year | 0.55% | 0.55% | 0.55% |
DVAL Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0358%
- Total broker commissions: $40K
- Bought from dealers (principal trades, not a cost): $116.3M
- Portfolio turnover (prospectus): 80%
- Securities lending: none during the year
DVAL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $6K | 23.02% |
| Berenberg Capital Markets LLC | $4K | 16.07% |
| Stifel, Nicolaus & Co., Inc. | $3K | 12.94% |
| WEEDEN & CO. L.P. | $2K | 9.55% |
| BLOOMBERG TRADEBOOK LLC | $2K | 8.27% |
| PIPER SANDLER & CO. | $2K | 7.60% |
| BOFA SECURITIES, INC. | $2K | 7.60% |
| RBC CAPITAL MARKETS, LLC | $2K | 7.49% |
| JONESTRADING | $2K | 7.45% |
DVAL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| RBC CAPITAL MARKETS, LLC | $39.3M | 33.78% |
| National Securities Clearing Corporation | $30.6M | 26.30% |
| GOLDMAN SACHS & CO. LLC | $18.2M | 15.62% |
| JANE STREET CAPITAL, LLC | $11.5M | 9.88% |
| BOFA SECURITIES, INC. | $11.0M | 9.47% |
| STATE STREET GLOBAL MARKETS, LLC | $5.8M | 4.95% |
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.