BITEX Fees and Costs — Brown Advisory Tax-Exempt Sustainable Bond Fund, Investor Shares
Data updated: 2026-09-11
The net expense ratio is 0.48%. There are no sales loads or redemption fees. Portfolio turnover was 37%.
BITEX Fees and Expenses
Annual operating expenses and sales charges of BITEX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.00% |
| Other expenses | — |
| Gross expense ratio | 0.48% |
| Fee waiver | — |
| Net expense ratio | 0.48% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | Yes |
BITEX Costs Over Time
On $10,000 invested in BITEX, assuming 5% a year before costs, total costs come to $303 over 5 years, cutting the return by 0.50% 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 0.48%) | $50 | $158 | $276 |
| Lost growth on money paid in costs | $0 | $8 | $28 |
| Total costs | $50 | $166 | $303 |
| Value after costs | $10,450 | $11,410 | $12,459 |
| Impact on return, per year | 0.50% | 0.50% | 0.50% |
BITEX 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $241.0M
- Portfolio turnover (prospectus): 37%
- Securities lending: none during the year
BITEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. MORGAN SECURITIES LLC | $79.6M | 34.14% |
| PERSHING LLC | $28.4M | 12.18% |
| BARCLAYS CAPITAL INC. | $28.3M | 12.13% |
| GOLDMAN SACHS & CO. LLC | $20.6M | 8.86% |
| MORGAN STANLEY & CO. LLC | $16.2M | 6.97% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $15.8M | 6.77% |
| STIFEL NICOLAUS & COMPANY INCORPORATED | $14.7M | 6.32% |
| WELLS FARGO SECURITIES LLC | $13.9M | 5.98% |
| RBC CAPITAL MARKETS LLC | $9.0M | 3.88% |
| JEFFERIES LLC | $6.5M | 2.78% |
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.