BRAMX Fees and Costs — BATS: Mortgage Total Return Series
Data updated: 2026-08-27
The net expense ratio is 0.00% (0.04% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $40K in broker commissions, 0.0029% of average net assets, and portfolio turnover was 931%.
BRAMX Fees and Expenses
Annual operating expenses and sales charges of BRAMX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.04% |
| Gross expense ratio | 0.04% |
| Fee waiver | −0.04% |
| 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 |
BRAMX Costs Over Time
On $10,000 invested in BRAMX, assuming 5% a year before costs, total costs come to $2 over 5 years, cutting the return by 0.00% 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) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $0 | $0 |
| Total costs | $0 | $1 | $2 |
| Value after costs | $10,500 | $11,575 | $12,761 |
| Impact on return, per year | 0.00% | 0.00% | 0.00% |
BRAMX 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): 0.0029%
- Total broker commissions: $40K
- Bought from dealers (principal trades, not a cost): $30.5B
- Portfolio turnover (prospectus): 931%
- Securities lending: none during the year
BRAMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS & CO. LLC | $28K | 71.03% |
| J.P. Morgan Securities LLC | $3K | 6.27% |
| CitiGroup Global Markets Inc. | $2K | 5.98% |
| MORGAN STANLEY & CO. LLC | $2K | 5.02% |
| BARCLAYS CAPITAL, INC. | $2K | 3.86% |
| BOFA SECURITIES, INC. | $1K | 2.89% |
| BNP PARIBAS SECURITIES CORP. | $706 | 1.77% |
| MIZUHO SECURITIES USA LLC | $580 | 1.45% |
| HSBC SECURITIES (USA) INC. | $441 | 1.10% |
| RBC CAPITAL MARKETS, LLC | $254 | 0.64% |
BRAMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $6.1B | 20.20% |
| CitiGroup Global Markets Inc. | $4.8B | 15.97% |
| BOFA SECURITIES, INC. | $4.4B | 14.39% |
| GOLDMAN SACHS & CO. LLC | $3.9B | 13.01% |
| J.P. Morgan Securities LLC | $3.8B | 12.46% |
| WELLS FARGO SECURITIES, LLC | $3.3B | 10.72% |
| BARCLAYS CAPITAL, INC. | $2.9B | 9.65% |
| Dreyfus Treasury Securities Cash Management | $623.1M | 2.05% |
| BNP PARIBAS SECURITIES CORP. | $264.3M | 0.87% |
| BMO NESBITT BURNS SECURITIES LTD. | $206.2M | 0.68% |
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.