VSMV Fees and Costs — VictoryShares US Multi-Factor Minimum Volatility ETF
Data updated: 2026-09-11
The net expense ratio is 0.35%: a 0.30% management fee plus 0.12% other expenses, less a 0.07% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $33K in broker commissions, 0.0230% of average net assets, and portfolio turnover was 71%.
VSMV Fees and Expenses
Annual operating expenses and sales charges of VSMV. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | — |
| Other expenses | 0.12% |
| Gross expense ratio | 0.42% |
| Fee waiver | −0.07% |
| Net expense ratio | 0.35% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
VSMV Costs Over Time
On $10,000 invested in VSMV, assuming 5% a year before costs, total costs come to $236 over 5 years, cutting the return by 0.39% 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 0.35%) | $37 | $115 | $201 |
| Trading costs (broker commissions) | $2 | $8 | $13 |
| Lost growth on money paid in costs | $0 | $6 | $22 |
| Total costs | $39 | $129 | $236 |
| Value after costs | $10,461 | $11,447 | $12,527 |
| Impact on return, per year | 0.39% | 0.39% | 0.39% |
VSMV Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0230%
- Total broker commissions: $33K
- Bought from dealers (principal trades, not a cost): $51.6M
- Portfolio turnover (prospectus): 71%
- Securities lending: none during the year
VSMV Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jane Street Capital, LLC | $23K | 68.62% |
| BofA Securities, Inc. | $10K | 30.38% |
| Goldman Sachs & Co. LLC | $78 | 0.24% |
| Jefferies LLC | $70 | 0.21% |
| RBC Capital Markets, LLC | $58 | 0.18% |
| Amerivet Securities, Inc. | $40 | 0.12% |
| UBS Securities LLC | $32 | 0.10% |
| Macquarie Capital (USA) Inc. | $30 | 0.09% |
| Barclays Capital Inc. | $20 | 0.06% |
VSMV Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $21.8M | 42.26% |
| BofA Securities, Inc. | $16.4M | 31.69% |
| Jane Street Capital, LLC | $13.5M | 26.05% |
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.