C000202323 Fees and Costs — BlackRock Systematic Multi-Strategy Fund, Institutional Class
Data updated: 2026-08-25
The net expense ratio is 0.92%: a 0.73% management fee plus 0.20% other expenses, less a 0.01% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $712K in broker commissions, 0.0093% of average net assets, and portfolio turnover was 270%.
C000202323 Fees and Expenses
Annual operating expenses and sales charges of C000202323. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.73% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.20% |
| Gross expense ratio | 0.93% |
| Fee waiver | −0.01% |
| Net expense ratio | 0.92% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
C000202323 Costs Over Time
On $10,000 invested in C000202323, assuming 5% a year before costs, total costs come to $582 over 5 years, cutting the return by 0.98% 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 0.92%) | $97 | $302 | $523 |
| Trading costs (broker commissions) | $1 | $3 | $5 |
| Lost growth on money paid in costs | $0 | $15 | $53 |
| Total costs | $98 | $320 | $582 |
| Value after costs | $10,402 | $11,257 | $12,181 |
| Impact on return, per year | 0.98% | 0.98% | 0.98% |
C000202323 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0093%
- Total broker commissions: $712K
- Bought from dealers (principal trades, not a cost): $65.5B
- Portfolio turnover (prospectus): 270%
- Securities lending: none during the year
C000202323 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Barclays Capital Inc. | $594K | 83.67% |
| Morgan Stanley & Co. LLC | $56K | 7.96% |
| Goldman Sachs & Co. LLC | $15K | 2.09% |
| UBS Securities LLC | $8K | 1.12% |
| BNP Paribas Securities Corp. | $8K | 1.10% |
| BNY Capital Markets, LLC | $8K | 1.08% |
| BofA Securities, Inc. | $8K | 1.08% |
| Citigroup Global Markets Inc. | $6K | 0.81% |
| TD Securities (USA) LLC | $4K | 0.60% |
| J.P. Morgan Securities LLC | $3K | 0.48% |
C000202323 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BlackRock Liquidity Funds - T-Fund | $17.6B | 28.85% |
| BofA Securities, Inc. | $10.0B | 16.38% |
| Morgan Stanley & Co. LLC | $10.0B | 16.29% |
| Goldman Sachs & Co. LLC | $7.6B | 12.35% |
| Barclays Capital Inc. | $5.4B | 8.76% |
| J.P. Morgan Securities LLC | $4.6B | 7.45% |
| Wells Fargo Securities, LLC | $2.1B | 3.41% |
| BNP Paribas Securities Corp. | $1.9B | 3.04% |
| Citigroup Global Markets Inc. | $1.2B | 2.01% |
| BMO Capital Markets Corp. | $892.7M | 1.46% |
BlackRock Systematic Multi-Strategy Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| C000222461 | Class K | 0.81% | — |
| C000202323 | Institutional Class | 0.92% | none |
| C000202321 | Investor A | 1.20% | 4.00% |
| C000202322 | Investor C | 1.90% | none |
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.