BRASX Fees and Costs — BATS: Short Duration Taxable Total Return Series
Data updated: 2026-08-27
The net expense ratio is 0.00% (0.12% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $27K in broker commissions, 0.0070% of average net assets, and portfolio turnover was 88%.
BRASX Fees and Expenses
Annual operating expenses and sales charges of BRASX. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.12% |
| Gross expense ratio | 0.12% |
| Fee waiver | −0.12% |
| 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 |
BRASX Costs Over Time
On $10,000 invested in BRASX, assuming 5% a year before costs, total costs come to $4 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 | $2 | $4 |
| Lost growth on money paid in costs | $0 | $0 | $0 |
| Total costs | $1 | $2 | $4 |
| Value after costs | $10,499 | $11,574 | $12,758 |
| Impact on return, per year | 0.01% | 0.01% | 0.01% |
BRASX 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): 0.0070%
- Total broker commissions: $27K
- Bought from dealers (principal trades, not a cost): $951.6M
- Portfolio turnover (prospectus): 88%
- Securities lending: none during the year
BRASX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CitiGroup Global Markets Inc. | $5K | 19.17% |
| J.P. Morgan Securities LLC | $4K | 17.08% |
| GOLDMAN SACHS & CO. LLC | $4K | 16.34% |
| RBC CAPITAL MARKETS, LLC | $4K | 14.87% |
| MORGAN STANLEY & CO. LLC | $4K | 14.71% |
| NOMURA SECURITIES INTERNATIONAL, INC. | $1K | 4.40% |
| DEUTSCHE BANK SECURITIES INC. | $1K | 4.11% |
| BOFA SECURITIES, INC. | $935 | 3.59% |
| BARCLAYS CAPITAL, INC. | $862 | 3.31% |
| BNP PARIBAS SECURITIES CORP. | $631 | 2.42% |
BRASX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Dreyfus Treasury Securities Cash Management | $364.3M | 43.62% |
| MORGAN STANLEY & CO. LLC | $111.0M | 13.29% |
| J.P. Morgan Securities LLC | $87.0M | 10.42% |
| GOLDMAN SACHS & CO. LLC | $69.6M | 8.34% |
| BOFA SECURITIES, INC. | $53.7M | 6.43% |
| BARCLAYS CAPITAL, INC. | $33.8M | 4.04% |
| CITADEL SECURITIES LLC | $33.3M | 3.99% |
| CitiGroup Global Markets Inc. | $31.0M | 3.71% |
| BMO NESBITT BURNS SECURITIES LTD. | $28.2M | 3.38% |
| WELLS FARGO SECURITIES, LLC | $23.3M | 2.79% |
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.