VELIX Fees and Costs — VELA Large Cap Plus Fund, Class I
Data updated: 2026-09-04
The net expense ratio is 1.01%: a 0.60% management fee plus 0.40% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $87K in broker commissions, 0.1246% of average net assets, and portfolio turnover was 67%.
VELIX Fees and Expenses
Annual operating expenses and sales charges of VELIX. Prospectus, as of September 4, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.40% |
| Gross expense ratio | 1.01% |
| Fee waiver | — |
| Net expense ratio | 1.01% |
| 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 |
VELIX Costs Over Time
On $10,000 invested in VELIX, assuming 5% a year before costs, total costs come to $708 over 5 years, cutting the return by 1.19% 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 1.01%) | $106 | $330 | $572 |
| Trading costs (broker commissions) | $13 | $41 | $71 |
| Lost growth on money paid in costs | $0 | $18 | $65 |
| Total costs | $119 | $390 | $708 |
| Value after costs | $10,381 | $11,187 | $12,055 |
| Impact on return, per year | 1.19% | 1.19% | 1.19% |
VELIX 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): 0.1246%
- Total broker commissions: $87K
- Bought from dealers (principal trades, not a cost): $476K
- Portfolio turnover (prospectus): 67%
- Securities lending: none during the year
VELIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| STONEX FINANCIAL INC. | $61K | 70.07% |
| RAYMOND JAMES & ASSOCIATES, INC. | $6K | 6.39% |
| STIFEL NICOLAUS & COMPANY | $5K | 5.53% |
| MORGAN STANLEY AND CO INC | $5K | 5.21% |
| COWEN & COMPANY LLC | $4K | 5.18% |
| KEYBANC CAPITAL MARKETS INC | $3K | 3.73% |
| SEAPORT GLOBAL SECURITIES LLC | $2K | 2.46% |
| CANTOR FITZGERALD & CO | $661 | 0.76% |
| MKM PARTNERS LLC | $572 | 0.66% |
VELIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| STONEX FINANCIAL INC. | $476K | 100.00% |
VELA Large Cap Plus Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VELIX | Class I | 1.01% | none |
| VELAX | Class A | 1.26% | 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.