# TOPS Conservative ETF Portfolio

TOPS Conservative ETF Portfolio is a registered fund series of Northern Lights Variable Trust (series S000031502). Net assets $49.3M as of 2026-03-31.

## Profile

- Series ID: S000031502
- Registrant: Northern Lights Variable Trust
- LEI: 549300C5JVVXIIJS4082
- Net assets: $49.3M
- Total assets: $49.4M
- As of: 2026-03-31
- Type: Fund of funds

## Advisers

- [Valmark Advisers, Inc. (Advisor)](https://search.stillhousedata.com/firm/108050)
- [Milliman Financial Risk Management, LLC (Subadvisor)](https://search.stillhousedata.com/firm/159377)

## Top holdings (26 reported)

_Showing 15 of 26 holdings by value._

| Holding | Ticker | Value | % of fund |
| --- | --- | --- | --- |
| [Vanguard Malvern Funds](https://search.stillhousedata.com/security/922020805) | — | $7.8M | 1585.69% |
| [SPDR Series Trust](https://search.stillhousedata.com/security/78464A474) | — | $5.9M | 1189.24% |
| [Vanguard Scottsdale Funds](https://search.stillhousedata.com/security/92206C102) | — | $3.9M | 792.21% |
| [iShares Trust](https://search.stillhousedata.com/security/464287242) | — | $3.4M | 698.70% |
| [Vanguard Tax Managed Funds](https://search.stillhousedata.com/security/921943858) | — | $3.0M | 612.21% |
| [Vanguard Index Funds](https://search.stillhousedata.com/security/922908363) | — | $3.0M | 610.92% |
| [Vanguard Scottsdale Funds](https://search.stillhousedata.com/security/92206C706) | — | $3.0M | 598.20% |
| [SPDR Series Trust](https://search.stillhousedata.com/security/78464A847) | — | $2.0M | 407.78% |
| [SPDR Series Trust](https://search.stillhousedata.com/security/78464A508) | — | $2.0M | 402.24% |
| [Vanguard Charlotte Funds](https://search.stillhousedata.com/security/92203J407) | — | $2.0M | 397.92% |
| [J P Morgan Exchange Traded Fund Trust](https://search.stillhousedata.com/security/46641Q837) | — | $2.0M | 395.85% |
| [SPDR Series Trust](https://search.stillhousedata.com/security/78468R200) | — | $1.5M | 297.05% |
| [Short-Term Invts T](https://search.stillhousedata.com/security/825252885) | — | $1.1M | 213.76% |
| [SPDR Series Trust](https://search.stillhousedata.com/security/78464A409) | — | $1.0M | 204.09% |
| [Flexshares Trust](https://search.stillhousedata.com/security/33939L407) | — | $1.0M | 202.94% |

## Net asset history

| Report date | Net assets |
| --- | --- |
| 2026-03-31 | $49.3M |
| 2025-12-31 | $47.2M |
| 2025-09-30 | $45.9M |
| 2025-06-30 | $41.8M |
| 2025-03-31 | $40.1M |
| 2024-12-31 | $38.6M |
| 2024-09-30 | $38.4M |
| 2024-06-30 | $35.3M |

## More

- [Registrant: Northern Lights Variable Trust](https://search.stillhousedata.com/registrant/1352621)
- [This page as markdown (for LLM agents)](https://search.stillhousedata.com/fund/S000031502.md)
- [Search all SEC filings, advisers and people on Adviser Search](https://search.stillhousedata.com/)

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Source: public SEC filing data via Adviser Search (https://search.stillhousedata.com).
Agents: this data is also queryable via MCP tools and read-only SQL — see https://search.stillhousedata.com/llms.txt.