BSMC Fees and Costs — Brandes U.S. Small-Mid Cap Value ETF
Data updated: 2026-09-11
The net expense ratio is 0.71%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $14K in broker commissions, 0.0101% of average net assets, and portfolio turnover was 7%.
BSMC Fees and Expenses
Annual operating expenses and sales charges of BSMC. Prospectus, as of October 27, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.71% |
| Fee waiver | — |
| Net expense ratio | 0.71% |
| 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 |
BSMC Costs Over Time
On $10,000 invested in BSMC, assuming 5% a year before costs, total costs come to $453 over 5 years, cutting the return by 0.76% 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 0.71%) | $75 | $233 | $406 |
| Trading costs (broker commissions) | $1 | $3 | $6 |
| Lost growth on money paid in costs | $0 | $12 | $41 |
| Total costs | $76 | $248 | $453 |
| Value after costs | $10,424 | $11,328 | $12,310 |
| Impact on return, per year | 0.76% | 0.76% | 0.76% |
BSMC 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): 0.0101%
- Total broker commissions: $14K
- Bought from dealers (principal trades, not a cost): $167.8M
- Portfolio turnover (prospectus): 7%
- Securities lending: none during the year
BSMC Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BTIG, LLC | $8K | 57.10% |
| GOLDMAN SACHS & CO. LLC | $6K | 42.90% |
BSMC Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| THE BANK OF NEW YORK MELLON | $99.5M | 59.31% |
| GOLDMAN SACHS & CO. LLC | $20.4M | 12.16% |
| VIRTU AMERICAS LLC | $18.3M | 10.93% |
| BOFA SECURITIES, INC. | $17.4M | 10.39% |
| Premier, Inc. | $5.0M | 2.97% |
| UBS Securities LLC | $4.8M | 2.84% |
| Mizuho Securities USA LLC | $2.3M | 1.37% |
| SEALED AIR CORPORATION | $31K | 0.02% |
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.