VESMX Fees and Costs — VELA Small Cap Fund, Class I
Data updated: 2026-09-04
The net expense ratio is 1.08%: a 0.75% management fee plus 0.33% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $206K in broker commissions, 0.1682% of average net assets, and portfolio turnover was 43%.
VESMX Fees and Expenses
Annual operating expenses and sales charges of VESMX. 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 | 1.08% |
| Fee waiver | — |
| Net expense ratio | 1.08% |
| 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 |
VESMX Costs Over Time
On $10,000 invested in VESMX, assuming 5% a year before costs, total costs come to $777 over 5 years, cutting the return by 1.31% 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 1.08%) | $113 | $353 | $610 |
| Trading costs (broker commissions) | $18 | $55 | $95 |
| Lost growth on money paid in costs | $0 | $20 | $71 |
| Total costs | $131 | $428 | $777 |
| Value after costs | $10,369 | $11,148 | $11,986 |
| Impact on return, per year | 1.31% | 1.31% | 1.31% |
VESMX 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): 0.1682%
- Total broker commissions: $206K
- Bought from dealers (principal trades, not a cost): $527K
- Portfolio turnover (prospectus): 43%
- Securities lending: none during the year
VESMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MKM PARTNERS LLC | $55K | 27.50% |
| KEYBANC CAPITAL MARKETS INC | $33K | 16.30% |
| MORGAN STANLEY & CO. INC. | $26K | 13.19% |
| STIFEL NICOLAUS & COMPANY | $25K | 12.71% |
| COWEN & COMPANY LLC | $23K | 11.36% |
| RAYMOND JAMES & ASSOCIATES, INC. | $23K | 11.36% |
| JONESTRADING | $7K | 3.29% |
| STONEX FINANCIAL INC. | $6K | 2.78% |
| SUSQUEHANNA FINANCIAL GROUP, LLLP | $3K | 1.52% |
VESMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| ROTH CAPITAL PARTNERS LLC | $527K | 100.00% |
VELA Small Cap Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VESMX | Class I | 1.08% | none |
| VESAX | Class A | 1.33% | 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.