# TOPS Managed Risk Flex ETF Portfolio

TOPS Managed Risk Flex ETF Portfolio is a registered fund series of Northern Lights Variable Trust (series S000040836). Net assets $117.4M as of 2026-03-31.

## Profile

- Series ID: S000040836
- Registrant: Northern Lights Variable Trust
- LEI: 5493005FJUEPL83Z5820
- Net assets: $117.4M
- Total assets: $117.6M
- 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 (31 reported)

_Showing 15 of 31 holdings by value._

| Holding | Ticker | Value | % of fund |
| --- | --- | --- | --- |
| [Short-Term Invts T](https://search.stillhousedata.com/security/825252885) | — | $13.3M | 1132.47% |
| [Vanguard Index Funds](https://search.stillhousedata.com/security/922908363) | — | $12.8M | 1092.86% |
| [Vanguard Tax Managed Funds](https://search.stillhousedata.com/security/921943858) | — | $11.3M | 958.27% |
| [Vanguard Malvern Funds](https://search.stillhousedata.com/security/922020805) | — | $10.5M | 891.20% |
| [SPDR Series Trust](https://search.stillhousedata.com/security/78464A474) | — | $8.4M | 712.95% |
| [iShares Trust](https://search.stillhousedata.com/security/464287242) | — | $7.4M | 627.60% |
| [SPDR Series Trust](https://search.stillhousedata.com/security/78464A847) | — | $6.4M | 544.72% |
| [SPDR Series Trust](https://search.stillhousedata.com/security/78464A508) | — | $6.0M | 512.45% |
| [SPDR Series Trust](https://search.stillhousedata.com/security/78468R853) | — | $4.3M | 362.86% |
| [iShares Trust](https://search.stillhousedata.com/security/46434V647) | — | $4.2M | 361.81% |
| [Vanguard Scottsdale Funds](https://search.stillhousedata.com/security/92206C706) | — | $4.2M | 357.71% |
| [Vanguard International Equity Index Funds](https://search.stillhousedata.com/security/922042858) | — | $3.6M | 304.97% |
| [Flexshares Trust](https://search.stillhousedata.com/security/33939L407) | — | $3.5M | 301.90% |
| [VanEck ETF Trust](https://search.stillhousedata.com/security/92189H300) | — | $3.2M | 268.89% |
| [Vanguard Scottsdale Funds](https://search.stillhousedata.com/security/92206C102) | — | $3.1M | 267.15% |

## Net asset history

| Report date | Net assets |
| --- | --- |
| 2026-03-31 | $117.4M |
| 2025-12-31 | $123.0M |
| 2025-09-30 | $126.1M |
| 2025-06-30 | $126.6M |
| 2025-03-31 | $129.3M |
| 2024-12-31 | $134.1M |
| 2024-09-30 | $142.3M |
| 2024-06-30 | $140.6M |

## More

- [Registrant: Northern Lights Variable Trust](https://search.stillhousedata.com/registrant/1352621)
- [This page as markdown (for LLM agents)](https://search.stillhousedata.com/fund/S000040836.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.