BBTSX Fees and Costs — Bridge Builder Tax Managed Small/mid Cap Fund
Data updated: 2026-09-11
The net expense ratio is 0.39%: a 0.64% management fee plus 0.03% other expenses, less a 0.28% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $532K in broker commissions, 0.0184% of average net assets, and portfolio turnover was 52%.
BBTSX Fees and Expenses
Annual operating expenses and sales charges of BBTSX. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.64% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.03% |
| Gross expense ratio | 0.67% |
| Fee waiver | −0.28% |
| Net expense ratio | 0.39% |
| 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 |
BBTSX Costs Over Time
On $10,000 invested in BBTSX, assuming 5% a year before costs, total costs come to $258 over 5 years, cutting the return by 0.43% 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 0.39%) | $41 | $129 | $224 |
| Trading costs (broker commissions) | $2 | $6 | $11 |
| Lost growth on money paid in costs | $0 | $7 | $24 |
| Total costs | $43 | $141 | $258 |
| Value after costs | $10,457 | $11,435 | $12,504 |
| Impact on return, per year | 0.43% | 0.43% | 0.43% |
BBTSX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0184%
- Total broker commissions: $532K
- Bought from dealers (principal trades, not a cost): $1.0B
- Portfolio turnover (prospectus): 52%
- Securities lending: none during the year
BBTSX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| PIPER JAFFRAY & CO. | $239K | 45.87% |
| OPPENHEIMER & CO. INC. | $55K | 10.59% |
| Jefferies LLC | $53K | 10.22% |
| MERRILL LYNCH, PIERCE, FENNER & SMITH INC. | $45K | 8.63% |
| LIQUIDNET INC. | $31K | 5.95% |
| CANACCORD GENUITY WEALTH MANAGEMENT (USA) INC. | $24K | 4.62% |
| LOOP CAPITAL MARKETS, LLC | $23K | 4.49% |
| FIDELITY MANAGEMENT & RESEARCH COMPANY | $20K | 3.80% |
| INSTINET, LLC | $17K | 3.21% |
| UBS Securities LLC | $14K | 2.61% |
BBTSX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BROWN BROTHERS HARRIMAN INVESTMENTS, LLC | $1.0B | 100.00% |
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.