MBSD Fees and Costs — FlexShares Disciplined Duration MBS Index Fund
Data updated: 2026-09-25
The net expense ratio is 0.20%: a 0.20% management fee plus 0.01% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. Portfolio turnover was 38%.
MBSD Fees and Expenses
Annual operating expenses and sales charges of MBSD. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.20% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.21% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.20% |
| 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 |
MBSD Costs Over Time
On $10,000 invested in MBSD, assuming 5% a year before costs, total costs come to $127 over 5 years, cutting the return by 0.21% 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 0.20%) | $21 | $66 | $116 |
| Lost growth on money paid in costs | $0 | $3 | $12 |
| Total costs | $21 | $69 | $127 |
| Value after costs | $10,479 | $11,507 | $12,636 |
| Impact on return, per year | 0.21% | 0.21% | 0.21% |
MBSD Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $52.0M
- Portfolio turnover (prospectus): 38%
- Securities lending: none during the year
MBSD Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $12.4M | 25.14% |
| Barclays Capital, Inc. | $9.7M | 19.56% |
| StoneX Financial, Inc | $6.5M | 13.19% |
| BofA Securities, Inc. | $5.9M | 12.05% |
| J.P. Morgan Securities LLC | $3.4M | 6.79% |
| Wells Fargo Securities, LLC | $3.0M | 6.13% |
| Citigroup Global Markets Inc. | $2.7M | 5.42% |
| BNP Paribas Securities Corp. | $2.2M | 4.38% |
| Nomura Securities International, Inc. | $1.9M | 3.78% |
| MUFG Securities Americas Inc. | $1.7M | 3.55% |
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.