MSTI Fees and Costs — Madison Short-Term Strategic Income ETF
Data updated: 2026-09-09
The net expense ratio is 0.36%. There are no sales loads or redemption fees. Portfolio turnover was 33%.
MSTI Fees and Expenses
Annual operating expenses and sales charges of MSTI. Prospectus, as of February 27, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.36% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.36% |
| Fee waiver | — |
| Net expense ratio | 0.36% |
| 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 |
MSTI Costs Over Time
On $10,000 invested in MSTI, assuming 5% a year before costs, total costs come to $228 over 5 years, cutting the return by 0.38% 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 0.36%) | $38 | $119 | $207 |
| Lost growth on money paid in costs | $0 | $6 | $21 |
| Total costs | $38 | $125 | $228 |
| Value after costs | $10,462 | $11,452 | $12,535 |
| Impact on return, per year | 0.38% | 0.38% | 0.38% |
MSTI 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): —
- Total broker commissions: —
- Bought from dealers (principal trades, not a cost): $16.4M
- Portfolio turnover (prospectus): 33%
- Securities lending: none during the year
MSTI Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| PERSHING LLC | $2.7M | 17.14% |
| MORGAN STANLEY & CO. LLC | $2.4M | 14.92% |
| MERRILL LYNCH PIERCE FENNER & SMITH INCORPORATED | $2.0M | 12.64% |
| BOFA SECURITIES INC. | $2.0M | 12.49% |
| RAYMOND JAMES & ASSOCIATES INC. | $1.9M | 12.29% |
| GOLDMAN SACHS & CO. LLC | $1.2M | 7.87% |
| ROBERT W. BAIRD & CO. INCORPORATED | $1.1M | 6.92% |
| BNY MELLON CAPITAL MARKETS | $996K | 6.28% |
| J.P. MORGAN SECURITIES LLC | $749K | 4.72% |
| SANTANDER US CAPITAL MARKETS LLC | $747K | 4.71% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.