IAI Fees and Costs — iShares U.S. Broker-Dealers & Securities Exchanges ETF
Data updated: 2026-08-24
The net expense ratio is 0.38%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $19K in broker commissions, 0.0013% of average net assets, and portfolio turnover was 16%.
IAI Fees and Expenses
Annual operating expenses and sales charges of IAI. Prospectus, as of March 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.38% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.38% |
| Fee waiver | — |
| Net expense ratio | 0.38% |
| 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 |
IAI Costs Over Time
On $10,000 invested in IAI, assuming 5% a year before costs, total costs come to $241 over 5 years, cutting the return by 0.40% 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 0.38%) | $40 | $125 | $219 |
| Trading costs (broker commissions) | $0 | $0 | $1 |
| Lost growth on money paid in costs | $0 | $6 | $22 |
| Total costs | $40 | $132 | $241 |
| Value after costs | $10,460 | $11,444 | $12,521 |
| Impact on return, per year | 0.40% | 0.40% | 0.40% |
IAI 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): 0.0013%
- Total broker commissions: $19K
- Bought from dealers (principal trades, not a cost): $1.9B
- Portfolio turnover (prospectus): 16%
- Securities on loan, average value: $10.0M
- Net income from securities lending: $19K (0.001% of average net assets)
IAI Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $5K | 26.96% |
| UBS Securities LLC | $3K | 18.31% |
| BNP Paribas Securities Corp. | $3K | 15.10% |
| Barclays Capital Inc. | $1K | 7.37% |
| RBC Capital Markets, LLC | $1K | 7.21% |
| Morgan Stanley & Co. LLC | $1K | 6.85% |
| Goldman Sachs & Co. LLC | $826 | 4.87% |
| BofA Securities, Inc. | $823 | 4.85% |
| Jefferies LLC | $790 | 4.66% |
| Instinet, LLC | $645 | 3.80% |
IAI Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $426.4M | 21.95% |
| Jane Street Capital, LLC | $349.7M | 18.00% |
| Citadel Securities LLC | $243.1M | 12.52% |
| Goldman Sachs & Co. LLC | $213.0M | 10.96% |
| RBC Capital Markets, LLC | $183.9M | 9.47% |
| Virtu Americas LLC | $161.0M | 8.29% |
| Citigroup Global Markets Inc. | $133.1M | 6.85% |
| BNP Paribas Securities Corp. | $121.8M | 6.27% |
| J.P. Morgan Securities LLC | $59.5M | 3.06% |
| Wells Fargo Securities, LLC | $51.0M | 2.62% |
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.