BRACX Fees and Costs — BATS: Corporate Credit Total Return Series
Data updated: 2026-08-27
The net expense ratio is 0.00% (0.10% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $38K in broker commissions, 0.0083% of average net assets, and portfolio turnover was 158%.
BRACX Fees and Expenses
Annual operating expenses and sales charges of BRACX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.10% |
| Gross expense ratio | 0.10% |
| Fee waiver | −0.10% |
| Net expense ratio | 0.00% |
| 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 |
BRACX Costs Over Time
On $10,000 invested in BRACX, assuming 5% a year before costs, total costs come to $5 over 5 years, cutting the return by 0.01% 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 0.00%) | $0 | $0 | $0 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $0 | $0 |
| Total costs | $1 | $3 | $5 |
| Value after costs | $10,499 | $11,573 | $12,758 |
| Impact on return, per year | 0.01% | 0.01% | 0.01% |
BRACX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0083%
- Total broker commissions: $38K
- Bought from dealers (principal trades, not a cost): $2.0B
- Portfolio turnover (prospectus): 158%
- Securities lending: none during the year
BRACX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $13K | 34.61% |
| CitiGroup Global Markets Inc. | $7K | 19.16% |
| GOLDMAN SACHS & CO. LLC | $4K | 11.87% |
| MORGAN STANLEY & CO. LLC | $4K | 10.25% |
| DEUTSCHE BANK SECURITIES INC. | $2K | 6.55% |
| BOFA SECURITIES, INC. | $2K | 5.18% |
| BNP PARIBAS SECURITIES CORP. | $2K | 4.35% |
| BARCLAYS CAPITAL, INC. | $2K | 4.16% |
| RBC CAPITAL MARKETS, LLC | $966 | 2.59% |
| UBS SECURITIES LLC | $481 | 1.29% |
BRACX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Dreyfus Treasury Securities Cash Management | $553.3M | 31.95% |
| MORGAN STANLEY & CO. LLC | $282.9M | 16.34% |
| J.P. Morgan Securities LLC | $227.4M | 13.13% |
| GOLDMAN SACHS & CO. LLC | $124.0M | 7.16% |
| BOFA SECURITIES, INC. | $113.1M | 6.53% |
| CITADEL SECURITIES LLC | $94.2M | 5.44% |
| BARCLAYS CAPITAL, INC. | $89.0M | 5.14% |
| BNP PARIBAS SECURITIES CORP. | $86.0M | 4.97% |
| DEUTSCHE BANK SECURITIES, INC. | $82.5M | 4.76% |
| CitiGroup Global Markets Inc. | $79.2M | 4.57% |
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.