NOVIX Fees and Costs — Global Secured Options Portfolio, Advisor Shares
Data updated: 2026-09-14
The net expense ratio is 1.02% (1.71% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $8K in broker commissions, 0.0548% of average net assets, and portfolio turnover was 69%.
NOVIX Fees and Expenses
Annual operating expenses and sales charges of NOVIX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | — |
| Other expenses | — |
| Gross expense ratio | 1.71% |
| Fee waiver | −0.69% |
| Net expense ratio | 1.02% |
| 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 |
NOVIX Costs Over Time
On $10,000 invested in NOVIX, assuming 5% a year before costs, total costs come to $671 over 5 years, cutting the return by 1.13% 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 1.02%) | $107 | $334 | $579 |
| Trading costs (broker commissions) | $6 | $18 | $31 |
| Lost growth on money paid in costs | $0 | $17 | $62 |
| Total costs | $113 | $369 | $671 |
| Value after costs | $10,387 | $11,207 | $12,092 |
| Impact on return, per year | 1.13% | 1.13% | 1.13% |
NOVIX 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): 0.0548%
- Total broker commissions: $8K
- Bought from dealers (principal trades, not a cost): $43.0M
- Portfolio turnover (prospectus): 69%
- Securities lending: none during the year
NOVIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $7K | 84.82% |
| Fiduciary Trust Company International | $760 | 9.28% |
| BTIG, LLC | $483 | 5.90% |
NOVIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $33.0M | 76.77% |
| Morgan Stanley & Co. LLC | $5.2M | 12.19% |
| RBC Capital Markets, LLC | $2.3M | 5.26% |
| Goldman Sachs & Co. LLC | $2.1M | 4.80% |
| Citigroup Global Markets Inc. | $417K | 0.97% |
Global Secured Options Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| NOVLX | Institutional Shares | 0.82% | — |
| NOVIX | Advisor Shares | 1.02% | — |
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.