C000223505 Fees and Costs — BlackRock Defensive Advantage International Fund, Investor A
Data updated: 2023-12-27
The net expense ratio is 0.75%: a 0.45% management fee, a 0.25% 12b-1 fee plus 2.48% other expenses, less a 2.43% fee waiver. This share class carries a maximum front-end sales load of 5.25%. In fiscal 2023 the fund paid $7K in broker commissions, 0.0759% of average net assets, and portfolio turnover was 178%.
C000223505 Fees and Expenses
Annual operating expenses and sales charges of C000223505. Prospectus, as of August 31, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.45% |
| 12b-1 fee | 0.25% |
| Other expenses | 2.48% |
| Gross expense ratio | 3.18% |
| Fee waiver | −2.43% |
| Net expense ratio | 0.75% |
| Sales charges | |
|---|---|
| Max front load | 5.25% |
| 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 |
C000223505 Costs Over Time
On $10,000 invested in C000223505, assuming 5% a year before costs, total costs come to $1,161 over 5 years, cutting the return by 1.98% 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 |
| Sales charges | $525 | $525 | $525 |
| Fund expenses (net expense ratio 0.75%) | $75 | $233 | $405 |
| Trading costs (broker commissions) | $8 | $24 | $41 |
| Lost growth on money paid in costs | $26 | $95 | $190 |
| Total costs | $633 | $877 | $1,161 |
| Value after costs | $9,867 | $10,699 | $11,602 |
| Impact on return, per year | 6.33% | 2.72% | 1.98% |
C000223505 Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2023.
- Explicit cost rate (commissions ÷ average net assets): 0.0759%
- Total broker commissions: $7K
- Bought from dealers (principal trades, not a cost): $3.1M
- Portfolio turnover (prospectus): 178%
- Securities on loan, average value: $10K
- Net income from securities lending: $243 (0.003% of average net assets)
C000223505 Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $798 | 14.15% |
| Barclays Capital Inc. | $721 | 12.79% |
| Morgan Stanley & Co. LLC | $694 | 12.31% |
| Credit Suisse Securities (USA) LLC | $607 | 10.76% |
| Goldman Sachs & Co. LLC | $569 | 10.09% |
| Instinet, LLC | $532 | 9.42% |
| UBS Securities LLC | $526 | 9.32% |
| Exane, Inc. | $520 | 9.21% |
| BNP Paribas Securities Corp. | $363 | 6.44% |
| J.P. Morgan Securities LLC | $311 | 5.52% |
C000223505 Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BlackRock Liquidity Funds - T-Fund | $3.1M | 99.99% |
| Morgan Stanley & Co. LLC | $75 | 0.00% |
| UBS Securities LLC | $72 | 0.00% |
| Citigroup Global Markets Inc. | $36 | 0.00% |
| Barclays Capital Inc. | $27 | 0.00% |
| Goldman Sachs & Co. LLC | $27 | 0.00% |
| BNP Paribas Securities Corp. | $26 | 0.00% |
| Instinet, LLC | $16 | 0.00% |
| SG Americas Securities, LLC | $9 | 0.00% |
| Parel | $8 | 0.00% |
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.