BRSIX Fees and Costs — Ultra-Small Company Market Fund, Class N
Data updated: 2026-09-02
The net expense ratio is 0.75%: a 0.50% management fee plus 0.33% other expenses, less a 0.08% fee waiver. This share class carries a redemption fee of 2.00%. In fiscal 2026 the fund paid $327K in broker commissions, 0.2590% of average net assets, and portfolio turnover was 39%.
BRSIX Fees and Expenses
Annual operating expenses and sales charges of BRSIX. Prospectus, as of June 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.33% |
| Gross expense ratio | 0.83% |
| Fee waiver | −0.08% |
| Net expense ratio | 0.75% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 2.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
BRSIX Costs Over Time
On $10,000 invested in BRSIX, assuming 5% a year before costs, total costs come to $631 over 5 years, cutting the return by 1.06% 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 0.75%) | $79 | $246 | $426 |
| Trading costs (broker commissions) | $27 | $85 | $147 |
| Lost growth on money paid in costs | $0 | $16 | $58 |
| Total costs | $106 | $347 | $631 |
| Value after costs | $10,394 | $11,229 | $12,132 |
| Impact on return, per year | 1.06% | 1.06% | 1.06% |
BRSIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending June 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.2590%
- Total broker commissions: $327K
- Bought from dealers (principal trades, not a cost): $2K
- Portfolio turnover (prospectus): 39%
- Securities on loan, average value: $20.3M
- Net income from securities lending: $617K (0.489% of average net assets)
BRSIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BTIG, LLC | $239K | 74.90% |
| JONESTRADING | $35K | 11.06% |
| VIRTU AMERICAS LLC | $23K | 7.28% |
| Cannaccord Genuity LLC | $6K | 1.85% |
| CAPITAL INSTITUTIONAL SERVICES, INC | $5K | 1.48% |
| LOOP CAPITAL MARKETS LLC | $4K | 1.24% |
| STIFEL NICHOLAS & CO., INC. | $2K | 0.75% |
| CANTOR FITZGERALD & CO. | $2K | 0.64% |
| Convergex Execution Solutions LLC | $1K | 0.44% |
| LIQUIDNET, INC. | $1K | 0.36% |
BRSIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|
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.