USVM Fees and Costs — VictoryShares US Small Mid Cap Value Momentum ETF
Data updated: 2026-09-11
The net expense ratio is 0.29%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $2.1M in broker commissions, 0.1605% of average net assets, and portfolio turnover was 112%.
USVM Fees and Expenses
Annual operating expenses and sales charges of USVM. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.15% |
| 12b-1 fee | — |
| Other expenses | 0.10% |
| Gross expense ratio | 0.29% |
| Fee waiver | — |
| Net expense ratio | 0.29% |
| 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 | No |
USVM Costs Over Time
On $10,000 invested in USVM, assuming 5% a year before costs, total costs come to $285 over 5 years, cutting the return by 0.47% 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 0.29%) | $30 | $96 | $167 |
| Trading costs (broker commissions) | $17 | $53 | $92 |
| Lost growth on money paid in costs | $0 | $7 | $26 |
| Total costs | $47 | $156 | $285 |
| Value after costs | $10,453 | $11,421 | $12,478 |
| Impact on return, per year | 0.47% | 0.47% | 0.47% |
USVM 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): 0.1605%
- Total broker commissions: $2.1M
- Bought from dealers (principal trades, not a cost): $1.6B
- Portfolio turnover (prospectus): 112%
- Securities on loan, average value: $47.0M
- Net income from securities lending: $153K (0.012% of average net assets)
USVM Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $1.4M | 68.56% |
| Susquehanna Securities | $625K | 30.35% |
| Goldman Sachs & Co. LLC | $13K | 0.62% |
| RBC Capital Markets, LLC | $7K | 0.35% |
| BofA Securities, Inc. | $845 | 0.04% |
| Academy Securities Inc. | $772 | 0.04% |
| Amerivet Securities, Inc. | $478 | 0.02% |
| UBS Securities LLC | $456 | 0.02% |
| Seaport Global Securities LLC | $13 | 0.00% |
| J.P. Morgan Securities LLC | $12 | 0.00% |
USVM Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $655.9M | 41.52% |
| Jane Street Capital, LLC | $517.0M | 32.73% |
| BofA Securities, Inc. | $279.1M | 17.67% |
| Virtu Americas LLC | $80.9M | 5.12% |
| RBC Capital Markets, LLC | $24.2M | 1.53% |
| Goldman Sachs & Co. LLC | $22.7M | 1.44% |
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.