VIOIX Fees and Costs — VELA Income Opportunities Fund, Class I
Data updated: 2026-09-04
The net expense ratio is 0.83%: a 0.50% management fee plus 0.33% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $19K in broker commissions, 0.0567% of average net assets, and portfolio turnover was 56%.
VIOIX Fees and Expenses
Annual operating expenses and sales charges of VIOIX. Prospectus, as of September 4, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.33% |
| Gross expense ratio | 0.83% |
| Fee waiver | — |
| Net expense ratio | 0.83% |
| 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 |
VIOIX Costs Over Time
On $10,000 invested in VIOIX, assuming 5% a year before costs, total costs come to $556 over 5 years, cutting the return by 0.93% 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 0.83%) | $87 | $272 | $473 |
| Trading costs (broker commissions) | $6 | $19 | $32 |
| Lost growth on money paid in costs | $0 | $14 | $51 |
| Total costs | $93 | $305 | $556 |
| Value after costs | $10,407 | $11,271 | $12,207 |
| Impact on return, per year | 0.93% | 0.93% | 0.93% |
VIOIX 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): 0.0567%
- Total broker commissions: $19K
- Bought from dealers (principal trades, not a cost): $18.2M
- Portfolio turnover (prospectus): 56%
- Securities lending: none during the year
VIOIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RAYMOND JAMES & ASSOCIATES, INC. | $5K | 27.38% |
| STIFEL NICOLAUS & COMPANY | $2K | 13.72% |
| MORGAN STANLEY & CO. INC. | $2K | 12.60% |
| STONEX FINANCIAL INC. | $2K | 12.48% |
| COWEN & COMPANY LLC | $2K | 10.38% |
| ROBERTS & RYAN INVESTMENTS INC. | $1K | 6.99% |
| MKM PARTNERS LLC | $928 | 5.10% |
| KEYBANC CAPITAL MARKETS INC | $804 | 4.42% |
| D.A. DAVIDSON & CO. | $795 | 4.37% |
| SEAPORT GLOBAL SECURITIES LLC | $467 | 2.57% |
VIOIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MARKETAXESS CORPORATION | $9.2M | 51.02% |
| JANE STREET CAPITAL, LLC | $4.7M | 26.24% |
| GOLDMAN SACHS & CO. LLC | $1.2M | 6.51% |
| STATE STREET GLOBAL MARKETS LLC | $939K | 5.20% |
| HILLTOP SECURITIES INC. | $497K | 2.75% |
| WELLS FARGO SECURITIES, LLC | $351K | 1.94% |
| DEUTSCHE BANK SECURITIES INC. | $342K | 1.90% |
| MORGAN STANLEY & CO. INC. | $300K | 1.66% |
| CANTOR FITZGERALD & CO. | $251K | 1.39% |
| STIFEL NICOLAUS & COMPANY | $250K | 1.38% |
VELA Income Opportunities Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VIOIX | Class I | 0.83% | none |
| VIOAX | Class A | 1.08% | 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.