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Kelly Portfolios

The funds and their fees

The 14 funds the six portfolios hold, a cheaper alternative for each, and the funds the other pages reject, each with its fee and its fee after income from lending its shares.

The second fee column subtracts income from lending the fund's shares to other investors. It leaves out the fund's trading costs, your broker's charges and personal taxes. IEMG charges 0.09% a year and VWO 0.06%; both invest broadly in emerging markets. In the filings used here, IEMG's lending income covered its fee and added $0.87 per $10,000. That makes its fee after lending lower, but does not guarantee a better return. SPY's fee after lending is 0.0945% a year. A dash means lending income has not been read. A fee of 0.10% is $10 a year per $10,000.

Each fund carries a verdict. Held: one of the six portfolios holds it, and the line says which. Fine alternative: the same holding as a held fund at an equal or lower fee; buy it if your broker offers it more cheaply. Rejected: the current comparison argues against adding it; the line says why, and the strategies pages explain the scope. A different use or better evidence can change that decision. Unresolved: it has been researched, but the evidence does not settle its place in a portfolio. Not assessed: no research verdict is recorded. The full-lean portfolio's fund comparison shows what replacing VTV with AVUV or adding SPMO changed in the available fund history.

Every held fund was checked against its rivals in September 2026: the same job, from other issuers, at whatever fee and screen they use. None lost its place. AVLV is the cheapest large value fund with a profit test; AVUV and AVDV are the cheapest small value funds with one, and the largest; SPMO and IDMO are the cheapest momentum funds and beat their iShares rivals on their own records; DFIV and AVIV do the same job abroad and either is fine. What would move a fund off this list is a rival doing the same thing for less, or a fund changing what it does. The momentum index rules change in September 2026, which is a reason to re-read SPMO and IDMO's holdings next year.

The gap between buying and selling prices also matters: CTAP's is 0.33% of its price against RSST's 0.09%, which over a one-year hold outweighs the difference in their fees. And some fees have an end date: CTAP charges less than the fee shown until December 4, 2026, and about 0.99% all in after it. Everything here was read from the funds' own filings on or before September 2, 2026. Fund facts go stale, so a year from now read them again rather than quoting this page.

Each fund, grouped by what it holds, with the fee it publishes, what it costs after securities-lending income, the verdict, and one line of reason
Fund Fee a year Fee after lending Verdict Why
The whole world in one fund
VT Vanguard Total World Stock ETF 0.06% — Held Portfolios 1 and 2. Every listed company in the world
US stocks
VTI Vanguard Morningstar Total Stock Market ETF 0.03% 0.0116% Held Portfolios 3, 4 and 5. The whole US market
VOO Vanguard S&P 500 ETF 0.03% 0.0294% Fine alternative The 500 largest US companies, in place of the whole market
ITOT iShares Core S&P Total US Stock Market ETF 0.03% 0.0104% Fine alternative The whole US market; lowest fee after lending among these four
SPY SPDR S&P 500 ETF Trust 0.0945% 0.0945% Not assessed Cannot lend its shares, so the dearest S&P 500 fund
AVLV Avantis U.S. Large Cap Value ETF 0.15% 0.1494% Held Portfolios 2, 3, 4, 5 and 6. Big US companies that are cheap for their profits
DFLV Dimensional US Large Cap Value ETF 0.21% — Unresolved The same idea from Dimensional, at 0.21%; a fine swap for AVLV
DFUV Dimensional US Marketwide Value ETF 0.21% — Unresolved Dimensional's cheap-and-profitable US fund across all company sizes
VTV Vanguard Morningstar Value ETF 0.03% 0.027% Rejected Big cheap US companies with no profit test; it lagged the market by almost 3% a year over ten years
AVUV Avantis U.S. Small Cap Value ETF 0.25% 0.2454% Held Portfolios 3, 4 and 6. Small US companies that are cheap for their profits
RPV Invesco S&P 500 Pure Value ETF 0.35% 0.3387% Rejected Buys cheapness by selling profitability
QVAL Alpha Architect U.S. Quantitative Value ETF 0.28% — Rejected Sells and replaces 332% of its holdings a year
SPMO Invesco S&P 500 Momentum ETF 0.13% 0.1293% Held Portfolios 2, 3, 4, 5 and 6. The hundred large US companies whose shares have been rising; cheaper and less traded than MTUM
MTUM iShares MSCI USA Momentum Factor ETF 0.15% — Rejected The other US rising-share fund; SPMO beat it on the funds' own records
QUAL iShares MSCI USA Quality Factor ETF 0.15% — Rejected Profitable companies at any price; matched the market over ten years, so not a source of extra return
Foreign stocks
VXUS Vanguard Total International Stock ETF 0.05% 0.0143% Held Portfolios 3, 4 and 5. Developed and emerging markets in one fund
VEA Vanguard FTSE Developed Markets ETF 0.03% −0.003% Fine alternative Developed markets only; with VWO it replaces VXUS
SPDW SPDR Portfolio Developed World ex-US ETF 0.03% −0.0163% Fine alternative Developed markets only; lowest fee after lending on this page
VWO Vanguard FTSE Emerging Markets ETF 0.06% 0.0167% Fine alternative Emerging markets by size
IEMG iShares Core MSCI Emerging Markets ETF 0.09% −0.0087% Fine alternative Emerging markets; lending covers its whole fee
DFIV Dimensional International Value ETF 0.27% — Held Portfolios 2, 3, 4, 5 and 6. Big foreign companies that are cheap for their profits
AVIV Avantis International Large Cap Value ETF 0.25% — Unresolved The same idea from Avantis, at 0.25%; a fine swap for DFIV
AVDV Avantis International Small Cap Value ETF 0.36% 0.3003% Held Portfolios 3, 4, 5 and 6. Small, cheap, profitable foreign companies
IDMO Invesco S&P International Developed Momentum ETF 0.25% 0.2259% Held Portfolios 3, 4 and 6. Foreign shares that have been rising; more than half Japan in 2026
IMTM iShares MSCI Intl Momentum Factor ETF 0.30% — Rejected The dearer of the two foreign rising-share funds; matched a plain index fund over ten years
AVES Avantis Emerging Markets Value ETF 0.36% 0.2921% Held Portfolios 3, 4 and 6. Cheap emerging-market companies
Bonds and cash
SCHP Schwab U.S. TIPS ETF 0.03% 0.0299% Held Portfolios 4 and 5. Inflation-protected US government bonds
TIP iShares TIPS Bond ETF 0.18% 0.1792% Rejected The same bonds as SCHP at six times the cost
VTIP Vanguard Short-Term Inflation-Protected Securities ETF 0.03% 0.03% Fine alternative Short inflation-protected bonds, with almost no interest-rate swing
STIP iShares 0-5 Year TIPS Bond ETF 0.03% 0.0294% Fine alternative Short inflation-protected bonds, with almost no interest-rate swing
SGOV iShares 0-3 Month Treasury Bond ETF 0.09% — Fine alternative Cash as a fund
BOXX Alpha Architect 1-3 Month Box ETF 0.1949% — Fine alternative A cash-like return paid as a rise in price, so tax falls when you sell
VGLT Vanguard Long-Term Treasury ETF 0.03% 0.03% Held Portfolio 5. Long US government bonds; five points of the cautious portfolio, for a crash where rates fall
TLT iShares 20+ Year Treasury Bond ETF 0.15% 0.15% Not assessed The same long bonds at five times VGLT's fee
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF 0.14% 0.1206% Not assessed Government bonds plus a slice of stock risk
Trend-following and stacked funds
RSST Return Stacked U.S. Stocks & Managed Futures ETF 0.99% — Held Portfolios 4, 5 and 6. A dollar of US stocks plus a dollar of trend following
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF 0.28% — Unresolved First in the replacement queue for RSST; a 0.33% gap between buy and sell prices
RSSB Return Stacked Global Stocks & Bonds ETF 0.39% — Not assessed Stocks plus borrowed government bonds; tested as an idea, not added
NTSX WisdomTree U.S. Efficient Core Fund 0.20% — Not assessed 90% stocks plus 60% government bonds per dollar; the cheapest stacked fund with a record
GDE WisdomTree Efficient Gold Plus Equity Strategy Fund 0.20% — Not assessed Stocks plus borrowed gold; pays out 1.53% a year taxed like wages
RSSY Return Stacked U.S. Stocks & Futures Yield ETF 0.99% — Not assessed Stocks plus carry; two years old, look again in mid-2027
DBMF iMGP DBi Managed Futures Strategy ETF 0.85% — Unresolved Trend following on its own, measured against a model
CTA Simplify Managed Futures Strategy ETF 0.75% — Unresolved Trend following on its own; bought by selling stocks it gives up the stock return
KMLM KFA Mount Lucas Managed Futures Index Strategy ETF 0.90% — Rejected Trend following on its own; bought by selling stocks it gives up the stock return
Gold, bitcoin, commodities and the rest
GLDM SPDR Gold MiniShares Trust 0.10% 0.10% Held Portfolios 4 and 5. Gold in a vault; the one held, at 0.10%
IAUM iShares Gold Trust Micro 0.09% 0.09% Fine alternative The same gold at 0.09%; a fine swap for GLDM
GLD SPDR Gold Shares 0.40% 0.40% Not assessed The same gold at four times GLDM's fee
IBIT iShares Bitcoin Trust ETF 0.25% 0.25% Not assessed Bitcoin; the largest fund
BTC Grayscale Bitcoin Mini Trust ETF 0.15% 0.15% Not assessed Bitcoin; the cheapest fund
PDBC Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF 0.59% — Not assessed Commodities; sends an ordinary 1099 where DBC sends a K-1
SCHD Schwab U.S. Dividend Equity ETF 0.06% — Rejected The market with a screen and a tax bill
VNQ Vanguard Real Estate ETF 0.13% — Rejected Property: 112% of the market's falls for 80% of its rises
SSO ProShares Ultra S&P500 0.87% — Not assessed Twice the daily move of the S&P 500, with borrowed money