CMBS Fees and Costs — iShares CMBS ETF
Data updated: 2026-09-25
The net expense ratio is 0.25%. There are no sales loads or redemption fees. Portfolio turnover was 37%.
CMBS Fees and Expenses
Annual operating expenses and sales charges of CMBS. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.25% |
| Fee waiver | — |
| Net expense ratio | 0.25% |
| 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 |
CMBS Costs Over Time
On $10,000 invested in CMBS, assuming 5% a year before costs, total costs come to $159 over 5 years, cutting the return by 0.26% 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 0.25%) | $26 | $83 | $144 |
| Lost growth on money paid in costs | $0 | $4 | $14 |
| Total costs | $26 | $87 | $159 |
| Value after costs | $10,474 | $11,490 | $12,604 |
| Impact on return, per year | 0.26% | 0.26% | 0.26% |
CMBS 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): $602.5M
- Portfolio turnover (prospectus): 37%
- Securities lending: none during the year
CMBS Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BlackRock Funds III - BlackRock Cash Funds: Treasury | $235.0M | 44.41% |
| Barclays Capital Inc. | $76.7M | 14.50% |
| Wells Fargo Securities, LLC | $48.0M | 9.08% |
| Morgan Stanley & Co. LLC | $38.2M | 7.23% |
| BMO Capital Markets Corp. | $28.0M | 5.29% |
| BNP Paribas Securities Corp. | $25.6M | 4.83% |
| TD Securities (USA) LLC | $21.1M | 3.99% |
| BofA Securities, Inc. | $19.8M | 3.75% |
| Citigroup Global Markets Inc. | $19.4M | 3.67% |
| J.P. Morgan Securities LLC | $17.2M | 3.25% |
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 Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date.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.