IWC Fees and Costs — iShares Micro-Cap ETF
Data updated: 2026-08-25
The net expense ratio is 0.60%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $518K in broker commissions, 0.0524% of average net assets, and portfolio turnover was 28%.
IWC Fees and Expenses
Annual operating expenses and sales charges of IWC. Prospectus, as of March 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.60% |
| Fee waiver | — |
| Net expense ratio | 0.60% |
| 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 |
IWC Costs Over Time
On $10,000 invested in IWC, assuming 5% a year before costs, total costs come to $411 over 5 years, cutting the return by 0.69% 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 0.60%) | $63 | $197 | $343 |
| Trading costs (broker commissions) | $6 | $17 | $30 |
| Lost growth on money paid in costs | $0 | $11 | $38 |
| Total costs | $69 | $225 | $411 |
| Value after costs | $10,431 | $11,351 | $12,352 |
| Impact on return, per year | 0.69% | 0.69% | 0.69% |
IWC 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): 0.0524%
- Total broker commissions: $518K
- Bought from dealers (principal trades, not a cost): $799.0M
- Portfolio turnover (prospectus): 28%
- Securities on loan, average value: $185.5M
- Net income from securities lending: $4.4M (0.449% of average net assets)
IWC Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $75K | 17.67% |
| J.P. Morgan Securities LLC | $65K | 15.19% |
| BofA Securities, Inc. | $59K | 13.75% |
| TD SECURITIES (USA) LLC | $41K | 9.69% |
| Pershing LLC | $41K | 9.52% |
| Citigroup Global Markets Inc. | $34K | 7.96% |
| Oppenheimer & Co. Inc. | $33K | 7.71% |
| UBS Securities LLC | $31K | 7.32% |
| Morgan Stanley & Co. LLC | $26K | 6.14% |
| Jefferies LLC | $22K | 5.05% |
IWC Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| National Securities Clearing Corp. | $651.1M | 81.49% |
| BlackRock Liquidity Funds T-Fund | $147.7M | 18.49% |
| Goldman Sachs & Co. LLC | $73K | 0.01% |
| Morgan Stanley & Co. LLC | $31K | 0.00% |
| Citadel Securities LLC | $21K | 0.00% |
| BofA Securities, Inc. | $14K | 0.00% |
| RBC Capital Markets, LLC | $13K | 0.00% |
| Virtu Americas LLC | $12K | 0.00% |
| Barclays Capital, Inc. | $7K | 0.00% |
| Jane Street Capital, LLC | $3K | 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.