# TOPS Managed Risk Growth ETF Portfolio

TOPS Managed Risk Growth ETF Portfolio is a registered fund series of Northern Lights Variable Trust (series S000031509). Net assets $161.2M as of 2026-03-31.

## Profile

- Series ID: S000031509
- Registrant: Northern Lights Variable Trust
- LEI: 549300QYE0XD8DFGBU43
- Net assets: $161.2M
- Total assets: $161.3M
- 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 (27 reported)

_Showing 15 of 27 holdings by value._

| Holding | Ticker | Value | % of fund |
| --- | --- | --- | --- |
| [Vanguard Index Funds](https://search.stillhousedata.com/security/922908363) | — | $30.7M | 1905.33% |
| [Vanguard Tax Managed Funds](https://search.stillhousedata.com/security/921943858) | — | $25.0M | 1549.92% |
| [Short-Term Invts T](https://search.stillhousedata.com/security/825252885) | — | $17.7M | 1097.74% |
| [SPDR Series Trust](https://search.stillhousedata.com/security/78464A847) | — | $16.0M | 994.86% |
| [SPDR Series Trust](https://search.stillhousedata.com/security/78468R853) | — | $8.7M | 541.83% |
| [SPDR Series Trust](https://search.stillhousedata.com/security/78464A409) | — | $7.4M | 457.10% |
| [SPDR Series Trust](https://search.stillhousedata.com/security/78464A508) | — | $7.3M | 450.48% |
| [Vanguard International Equity Index Funds](https://search.stillhousedata.com/security/922042858) | — | $5.9M | 364.58% |
| [Ishares Inc](https://search.stillhousedata.com/security/46434G764) | — | $5.9M | 364.20% |
| [Flexshares Trust](https://search.stillhousedata.com/security/33939L407) | — | $5.8M | 360.93% |
| [iShares Trust](https://search.stillhousedata.com/security/46434V647) | — | $5.8M | 360.47% |
| [Vanguard Malvern Funds](https://search.stillhousedata.com/security/922020805) | — | $4.3M | 266.37% |
| [Wisdomtree Trust](https://search.stillhousedata.com/security/97717X578) | — | $2.9M | 181.95% |
| [iShares Trust](https://search.stillhousedata.com/security/46434V290) | — | $2.9M | 181.42% |
| [iShares Trust](https://search.stillhousedata.com/security/464287242) | — | $2.9M | 179.35% |

## Net asset history

| Report date | Net assets |
| --- | --- |
| 2026-03-31 | $161.2M |
| 2025-12-31 | $165.1M |
| 2025-09-30 | $165.0M |
| 2025-06-30 | $159.4M |
| 2025-03-31 | $158.3M |
| 2024-12-31 | $166.0M |
| 2024-09-30 | $177.2M |
| 2024-06-30 | $177.1M |

## More

- [Registrant: Northern Lights Variable Trust](https://search.stillhousedata.com/registrant/1352621)
- [This page as markdown (for LLM agents)](https://search.stillhousedata.com/fund/S000031509.md)
- [Search all SEC filings, advisers and people on Adviser Search](https://search.stillhousedata.com/)

---

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.