VEITX Fees and Costs — VELA International Fund, Class I
Data updated: 2026-09-04
The net expense ratio is 1.09%: a 0.75% management fee plus 0.33% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $42K in broker commissions, 0.0745% of average net assets, and portfolio turnover was 35%.
VEITX Fees and Expenses
Annual operating expenses and sales charges of VEITX. Prospectus, as of September 4, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.33% |
| Gross expense ratio | 1.09% |
| Fee waiver | — |
| Net expense ratio | 1.09% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| 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 |
VEITX Costs Over Time
On $10,000 invested in VEITX, assuming 5% a year before costs, total costs come to $726 over 5 years, cutting the return by 1.22% 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 1.09%) | $114 | $356 | $617 |
| Trading costs (broker commissions) | $8 | $24 | $42 |
| Lost growth on money paid in costs | $0 | $19 | $67 |
| Total costs | $122 | $400 | $726 |
| Value after costs | $10,378 | $11,177 | $12,037 |
| Impact on return, per year | 1.22% | 1.22% | 1.22% |
VEITX 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): 0.0745%
- Total broker commissions: $42K
- Bought from dealers (principal trades, not a cost): —
- Portfolio turnover (prospectus): 35%
- Securities lending: none during the year
VEITX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| COWEN & COMPANY LLC | $18K | 43.77% |
| BAADER HELVEA INC. | $9K | 21.08% |
| RAYMOND JAMES & ASSOCIATES, INC. | $4K | 9.87% |
| STIFEL NICOLAUS & COMPANY | $4K | 9.75% |
| MORGAN STANLEY & CO. INC. | $2K | 5.53% |
| CLARUS SECURITIES, INC. | $2K | 5.42% |
| SEAPORT GLOBAL SECURITIES LLC | $1K | 3.14% |
| KEYBANC CAPITAL MARKETS INC | $607 | 1.44% |
VELA International Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VEITX | Class I | 1.09% | none |
| VEILX | Class A | 1.34% | 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.