BNDS Fees and Costs — Infrastructure Capital Bond Income ETF
Data updated: 2026-07-24
The net expense ratio is 0.88%: a 0.80% management fee plus 0.07% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $4K in broker commissions, 0.0273% of average net assets, and portfolio turnover was 65%.
BNDS Fees and Expenses
Annual operating expenses and sales charges of BNDS. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.07% |
| Gross expense ratio | 0.88% |
| Fee waiver | — |
| Net expense ratio | 0.88% |
| 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 |
BNDS Costs Over Time
On $10,000 invested in BNDS, assuming 5% a year before costs, total costs come to $569 over 5 years, cutting the return by 0.95% 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 0.88%) | $92 | $289 | $501 |
| Trading costs (broker commissions) | $3 | $9 | $16 |
| Lost growth on money paid in costs | $0 | $15 | $52 |
| Total costs | $95 | $312 | $569 |
| Value after costs | $10,405 | $11,264 | $12,194 |
| Impact on return, per year | 0.95% | 0.95% | 0.95% |
BNDS Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending November 30, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0273%
- Total broker commissions: $4K
- Bought from dealers (principal trades, not a cost): $21.3M
- Portfolio turnover (prospectus): 65%
- Securities lending: none during the year
BNDS Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC CAPITAL MARKETS LLC | $4K | 100.00% |
BNDS Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $15.7M | 73.72% |
| SEAPORT GLOBAL SECURITIES LLC | $4.1M | 19.45% |
| RBC CAPITAL MARKETS LLC | $1.4M | 6.59% |
| BANK OF SCOTLAND PLC | $51K | 0.24% |
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.