C000227189 Fees and Costs — BATS: Short Term Municipal Income Series
Data updated: 2026-08-27
The net expense ratio is 0.00% (0.18% before fee waivers). There are no sales loads or redemption fees. Portfolio turnover was 34%.
C000227189 Fees and Expenses
Annual operating expenses and sales charges of C000227189. Prospectus, as of March 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.18% |
| Gross expense ratio | 0.18% |
| Fee waiver | −0.18% |
| 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 |
C000227189 Costs Over Time
On $10,000 invested in C000227189, assuming 5% a year before costs, total costs come to $0 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 |
| Lost growth on money paid in costs | $0 | $0 | $0 |
| Total costs | $0 | $0 | $0 |
| Value after costs | $10,500 | $11,576 | $12,763 |
| Impact on return, per year | 0.00% | 0.00% | 0.00% |
C000227189 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $384.0M
- Portfolio turnover (prospectus): 34%
- Securities lending: none during the year
C000227189 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $148.3M | 39.62% |
| BARCLAYS CAPITAL, INC. | $67.4M | 18.00% |
| MORGAN STANLEY & CO. LLC | $58.1M | 15.53% |
| TD SECURITIES (USA) LLC | $37.2M | 9.94% |
| BNY MELLON CAPITAL MARKETS, LLC | $17.1M | 4.57% |
| WELLS FARGO SECURITIES, LLC | $15.2M | 4.07% |
| RBC CAPITAL MARKETS, LLC | $13.9M | 3.71% |
| BOFA SECURITIES, INC. | $7.1M | 1.91% |
| GOLDMAN SACHS & CO. LLC | $6.3M | 1.68% |
| RAYMOND JAMES & ASSOCIATES, INC. | $3.6M | 0.97% |
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.