BNDC Fees and Costs — FlexShares Core Select Bond Fund
Data updated: 2026-09-25
The net expense ratio is 0.35% (0.49% before fee waivers). There are no sales loads or redemption fees. In fiscal 2025 the fund paid $21K in broker commissions, 0.0142% of average net assets, and portfolio turnover was 23%.
BNDC Fees and Expenses
Annual operating expenses and sales charges of BNDC. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.35% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.49% |
| Fee waiver | −0.14% |
| Net expense ratio | 0.35% |
| 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 |
BNDC Costs Over Time
On $10,000 invested in BNDC, assuming 5% a year before costs, total costs come to $231 over 5 years, cutting the return by 0.38% 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 0.35%) | $37 | $115 | $202 |
| Trading costs (broker commissions) | $1 | $5 | $8 |
| Lost growth on money paid in costs | $0 | $6 | $21 |
| Total costs | $38 | $126 | $231 |
| Value after costs | $10,462 | $11,450 | $12,532 |
| Impact on return, per year | 0.38% | 0.38% | 0.38% |
BNDC Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0142%
- Total broker commissions: $21K
- Bought from dealers (principal trades, not a cost): $59.2M
- Portfolio turnover (prospectus): 23%
- Securities on loan, average value: $12.5M
- Net income from securities lending: $22K (0.015% of average net assets)
BNDC Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jane Street Execution Services, LLC | $11K | 52.21% |
| Citigroup Global Markets Inc. | $7K | 35.65% |
| Citadel Securities LLC | $1K | 5.45% |
| Susquehanna Financial Group, LLLP | $653 | 3.18% |
| BofA Securities, Inc. | $422 | 2.05% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $300 | 1.46% |
BNDC Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $34.7M | 58.71% |
| J.P. Morgan Securities LLC | $13.9M | 23.41% |
| Jane Street Capital, LLC | $3.3M | 5.58% |
| BofA Securities, Inc. | $3.3M | 5.55% |
| Virtu Americas LLC | $1.6M | 2.78% |
| Nomura Securities International, Inc. | $1.2M | 2.07% |
| Goldman Sachs & Co. LLC | $659K | 1.11% |
| Bank of Montreal | $250K | 0.42% |
| Morgan Stanley & Co. LLC | $210K | 0.35% |
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.