VASDX Fees and Costs — VELA Short Duration Fund, Class A
Data updated: 2026-09-04
The net expense ratio is 0.88%: a 0.30% management fee, a 0.25% 12b-1 fee plus 0.33% other expenses. This share class carries a maximum front-end sales load of 5.00%. In fiscal 2025 the fund paid $235 in broker commissions, 0.0008% of average net assets, and portfolio turnover was 45%.
VASDX Fees and Expenses
Annual operating expenses and sales charges of VASDX. Prospectus, as of September 4, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.33% |
| Gross expense ratio | 0.88% |
| Fee waiver | — |
| Net expense ratio | 0.88% |
| Sales charges | |
|---|---|
| Max front load | 5.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
VASDX Costs Over Time
On $10,000 invested in VASDX, assuming 5% a year before costs, total costs come to $1,163 over 5 years, cutting the return by 1.99% 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 |
| Sales charges | $500 | $500 | $500 |
| Fund expenses (net expense ratio 0.88%) | $88 | $274 | $476 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $25 | $92 | $186 |
| Total costs | $613 | $867 | $1,163 |
| Value after costs | $9,887 | $10,709 | $11,600 |
| Impact on return, per year | 6.13% | 2.69% | 1.99% |
VASDX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0008%
- Total broker commissions: $235
- Bought from dealers (principal trades, not a cost): $41.7M
- Portfolio turnover (prospectus): 45%
- Securities lending: none during the year
VASDX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| ROBERTS & RYAN INVESTMENTS INC. | $235 | 100.00% |
VASDX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MARKETAXESS CORPORATION | $12.3M | 30.17% |
| GOLDMAN SACHS & CO. LLC | $7.0M | 17.29% |
| JANE STREET CAPITAL, LLC | $5.4M | 13.17% |
| WELLS FARGO SECURITIES, LLC | $4.1M | 9.99% |
| DEUTSCHE BANK SECURITIES INC. | $3.2M | 7.87% |
| HILLTOP SECURITIES INC. | $2.8M | 6.97% |
| STONEX FINANCIAL INC. | $2.2M | 5.52% |
| CITADEL SECURITIES LLC | $1.4M | 3.53% |
| STATE STREET GLOBAL MARKETS LLC | $1.3M | 3.28% |
| CREWS & ASSOCIATES, INC. | $902K | 2.22% |
VELA Short Duration Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VESDX | Class I | 0.63% | none |
| VASDX | Class A | 0.88% | 5.00% |
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.