BATEX Fees and Costs — BATS: High Income Municipal Series
Data updated: 2026-08-27
The net expense ratio is 0.16% (0.23% before fee waivers). There are no sales loads or redemption fees. Portfolio turnover was 36%.
BATEX Fees and Expenses
Annual operating expenses and sales charges of BATEX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.23% |
| Gross expense ratio | 0.23% |
| Fee waiver | −0.07% |
| Net expense ratio | 0.16% |
| 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 | No |
BATEX Costs Over Time
On $10,000 invested in BATEX, assuming 5% a year before costs, total costs come to $102 over 5 years, cutting the return by 0.17% 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 0.16%) | $17 | $53 | $93 |
| Lost growth on money paid in costs | $0 | $3 | $9 |
| Total costs | $17 | $55 | $102 |
| Value after costs | $10,483 | $11,521 | $12,661 |
| Impact on return, per year | 0.17% | 0.17% | 0.17% |
BATEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $1.1B
- Portfolio turnover (prospectus): 36%
- Securities lending: none during the year
BATEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $275.6M | 29.29% |
| BARCLAYS CAPITAL, INC. | $114.5M | 12.17% |
| WELLS FARGO SECURITIES, LLC | $104.6M | 11.11% |
| FMSbonds, Inc. | $100.5M | 10.68% |
| RBC CAPITAL MARKETS, LLC | $90.2M | 9.59% |
| BNY MELLON CAPITAL MARKETS, LLC | $74.7M | 7.94% |
| JEFFERIES LLC | $50.5M | 5.36% |
| MORGAN STANLEY & CO. LLC | $49.4M | 5.25% |
| BOFA SECURITIES, INC. | $48.3M | 5.13% |
| GOLDMAN SACHS & CO. LLC | $32.6M | 3.46% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.