MODL Fees and Costs — VictoryShares WestEnd U.S. Sector ETF
Data updated: 2026-09-11
The net expense ratio is 0.46%: a 0.40% management fee plus 0.09% other expenses, less a 0.03% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $171K in broker commissions, 0.0224% of average net assets, and portfolio turnover was 31%.
MODL Fees and Expenses
Annual operating expenses and sales charges of MODL. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | — |
| Other expenses | 0.09% |
| Gross expense ratio | 0.49% |
| Fee waiver | −0.03% |
| Net expense ratio | 0.46% |
| 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 |
MODL Costs Over Time
On $10,000 invested in MODL, assuming 5% a year before costs, total costs come to $305 over 5 years, cutting the return by 0.51% 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 0.46%) | $48 | $152 | $264 |
| Trading costs (broker commissions) | $2 | $7 | $13 |
| Lost growth on money paid in costs | $0 | $8 | $28 |
| Total costs | $51 | $167 | $305 |
| Value after costs | $10,449 | $11,410 | $12,458 |
| Impact on return, per year | 0.51% | 0.51% | 0.51% |
MODL Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0224%
- Total broker commissions: $171K
- Bought from dealers (principal trades, not a cost): $431.0M
- Portfolio turnover (prospectus): 31%
- Securities on loan, average value: $990K
- Net income from securities lending: $27K (0.003% of average net assets)
MODL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $36K | 21.54% |
| RBC Capital Markets, LLC | $32K | 18.70% |
| Wallachbeth Capital LLC | $25K | 15.06% |
| BNP Paribas Securities Corp. | $24K | 14.07% |
| Citadel Securities LLC | $23K | 13.33% |
| Amerivet Securities, Inc. | $11K | 6.65% |
| Susquehanna Securities | $10K | 5.94% |
| BofA Securities, Inc. | $5K | 3.12% |
| HSBC Securities (USA) Inc. | $1K | 0.88% |
| Jefferies LLC | $1K | 0.71% |
MODL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $154.3M | 35.80% |
| Jane Street Capital, LLC | $129.8M | 30.12% |
| Virtu Americas LLC | $96.4M | 22.36% |
| Goldman Sachs & Co. LLC | $27.5M | 6.38% |
| RBC Capital Markets, LLC | $12.5M | 2.90% |
| J.P. Morgan Securities LLC | $10.5M | 2.44% |
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.