GARP Fees and Costs — iShares MSCI USA Quality GARP ETF
Data updated: 2026-08-27
The net expense ratio is 0.15%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $25K in broker commissions, 0.0030% of average net assets, and portfolio turnover was 69%.
GARP Fees and Expenses
Annual operating expenses and sales charges of GARP. Prospectus, as of March 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.15% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.15% |
| Fee waiver | — |
| Net expense ratio | 0.15% |
| 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 |
GARP Costs Over Time
On $10,000 invested in GARP, assuming 5% a year before costs, total costs come to $97 over 5 years, cutting the return by 0.16% 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 0.15%) | $16 | $50 | $87 |
| Trading costs (broker commissions) | $0 | $1 | $2 |
| Lost growth on money paid in costs | $0 | $2 | $9 |
| Total costs | $16 | $53 | $97 |
| Value after costs | $10,484 | $11,523 | $12,665 |
| Impact on return, per year | 0.16% | 0.16% | 0.16% |
GARP Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending March 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0030%
- Total broker commissions: $25K
- Bought from dealers (principal trades, not a cost): $17.3M
- Portfolio turnover (prospectus): 69%
- Securities on loan, average value: $3.1M
- Net income from securities lending: $11K (0.001% of average net assets)
GARP Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $5K | 23.54% |
| UBS SECURITIES LLC | $4K | 17.94% |
| J.P. Morgan Securities LLC | $2K | 10.97% |
| BNP PARIBAS SECURITIES CORP. | $2K | 9.36% |
| INSTINET LLC | $2K | 9.10% |
| CitiGroup Global Markets Inc. | $2K | 8.81% |
| PIPER SANDLER & CO. | $1K | 5.63% |
| JEFFERIES LLC | $1K | 5.63% |
| TD SECURITIES (USA) LLC | $939 | 4.69% |
| BARCLAYS CAPITAL, INC. | $867 | 4.33% |
GARP Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BLACKROCK FUNDS III - BlackRock Cash Funds: Treasury | $17.3M | 99.96% |
| UBS SECURITIES LLC | $3K | 0.02% |
| BNP PARIBAS SECURITIES CORP. | $2K | 0.01% |
| BOFA SECURITIES, INC. | $743 | 0.00% |
| CitiGroup Global Markets Inc. | $518 | 0.00% |
| BARCLAYS CAPITAL, INC. | $299 | 0.00% |
| GOLDMAN SACHS & CO. LLC | $48 | 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.