BIZD Fees and Costs — VanEck BDC Income ETF
Data updated: 2026-08-26
The net expense ratio is 9.69%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $404K in broker commissions, 0.0260% of average net assets, and portfolio turnover was 28%.
BIZD Fees and Expenses
Annual operating expenses and sales charges of BIZD. Prospectus, as of May 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.40% |
| 12b-1 fee | — |
| Other expenses | 0.02% |
| Gross expense ratio | 9.69% |
| Fee waiver | — |
| Net expense ratio | 9.69% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
BIZD Costs Over Time
On $10,000 invested in BIZD, assuming 5% a year before costs, total costs come to $5,107 over 5 years, cutting the return by 10.20% 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 9.69%) | $1,017 | $2,896 | $4,585 |
| Trading costs (broker commissions) | $3 | $8 | $12 |
| Lost growth on money paid in costs | $0 | $153 | $510 |
| Total costs | $1,020 | $3,057 | $5,107 |
| Value after costs | $9,480 | $8,519 | $7,656 |
| Impact on return, per year | 10.20% | 10.20% | 10.20% |
BIZD Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0260%
- Total broker commissions: $404K
- Bought from dealers (principal trades, not a cost): $19.7B
- Portfolio turnover (prospectus): 28%
- Securities on loan, average value: $250.5M
- Net income from securities lending: $4.2M (0.271% of average net assets)
BIZD Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $185K | 45.75% |
| Morgan Stanley & Co. LLC | $60K | 14.86% |
| J.P. Morgan Securities LLC | $58K | 14.31% |
| Citigroup Global Markets Inc. | $42K | 10.32% |
| UBS Securities LLC | $33K | 8.23% |
| Robert W. Baird & Co. Incorporated | $26K | 6.53% |
BIZD Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $18.0B | 91.16% |
| Morgan Stanley & Co. LLC | $884.0M | 4.48% |
| Scotia Capital (USA) Inc. | $244.3M | 1.24% |
| National Securities Clearing Corporation | $231.8M | 1.18% |
| BNY Capital Markets, LLC | $157.9M | 0.80% |
| BNP Paribas Securities Corp. | $122.8M | 0.62% |
| BofA Securities, Inc. | $102.4M | 0.52% |
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.