MSML Fees and Costs — iShares Morningstar Small-Cap ETF
Data updated: 2026-09-25
The net expense ratio is 0.04%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $19K in broker commissions, 0.0076% of average net assets, and portfolio turnover was 30%.
MSML Fees and Expenses
Annual operating expenses and sales charges of MSML. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.04% |
| 12b-1 fee | — |
| Other expenses | 0.00% |
| Gross expense ratio | 0.04% |
| Fee waiver | — |
| Net expense ratio | 0.04% |
| 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 |
MSML Costs Over Time
On $10,000 invested in MSML, assuming 5% a year before costs, total costs come to $30 over 5 years, cutting the return by 0.05% 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 0.04%) | $4 | $13 | $23 |
| Trading costs (broker commissions) | $1 | $3 | $4 |
| Lost growth on money paid in costs | $0 | $1 | $3 |
| Total costs | $5 | $17 | $30 |
| Value after costs | $10,495 | $11,560 | $12,732 |
| Impact on return, per year | 0.05% | 0.05% | 0.05% |
MSML Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending April 30, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0076%
- Total broker commissions: $19K
- Bought from dealers (principal trades, not a cost): $33.7M
- Portfolio turnover (prospectus): 30%
- Securities on loan, average value: $23.2M
- Net income from securities lending: $173K (0.070% of average net assets)
MSML Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY & CO. LLC | $3K | 20.18% |
| UBS SECURITIES LLC | $2K | 13.69% |
| RBC CAPITAL MARKETS, LLC | $2K | 12.73% |
| BOFA SECURITIES, INC. | $2K | 11.46% |
| GOLDMAN SACHS & CO. LLC | $1K | 8.24% |
| OPPENHEIMER & CO. INC. | $1K | 7.96% |
| CitiGroup Global Markets Inc. | $1K | 7.55% |
| BNP PARIBAS SECURITIES CORP. | $1K | 7.03% |
| JEFFERIES LLC | $831 | 5.78% |
| BARCLAYS CAPITAL, INC. | $772 | 5.37% |
MSML Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BLACKROCK FUNDS III - BlackRock Cash Funds: Treasury | $33.7M | 99.92% |
| UBS SECURITIES LLC | $9K | 0.03% |
| BNP PARIBAS SECURITIES CORP. | $6K | 0.02% |
| MORGAN STANLEY & CO. LLC | $3K | 0.01% |
| BOFA SECURITIES, INC. | $3K | 0.01% |
| CitiGroup Global Markets Inc. | $3K | 0.01% |
| GOLDMAN SACHS & CO. LLC | $2K | 0.01% |
| BARCLAYS CAPITAL, INC. | $673 | 0.00% |
| J.P. Morgan Securities LLC | $630 | 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.