QUAL Fees and Costs — iShares MSCI USA Quality Factor ETF
Data updated: 2026-10-13
The net expense ratio is 0.15%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $1.2M in broker commissions, 0.0025% of average net assets, and portfolio turnover was 21%.
QUAL Fees and Expenses
Annual operating expenses and sales charges of QUAL. Prospectus, as of July 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 | — |
QUAL Costs Over Time
On $10,000 invested in QUAL, 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 | $1 |
| Lost growth on money paid in costs | $0 | $2 | $9 |
| Total costs | $16 | $53 | $97 |
| Value after costs | $10,484 | $11,523 | $12,666 |
| Impact on return, per year | 0.16% | 0.16% | 0.16% |
QUAL Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending July 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0025%
- Total broker commissions: $1.2M
- Bought from dealers (principal trades, not a cost): $34.6B
- Portfolio turnover (prospectus): 21%
QUAL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Morgan Stanley & Co. LLC | $291K | 27.29% |
| Barclays Capital Inc. | $198K | 18.60% |
| J.P. Morgan Securities LLC | $112K | 10.56% |
| Citigroup Global Markets Inc. | $94K | 8.83% |
| Cantor Fitzgerald & Co. | $88K | 8.26% |
| Goldman Sachs & Co. LLC | $82K | 7.69% |
| Jefferies LLC | $59K | 5.52% |
| Wells Fargo Securities, LLC | $57K | 5.35% |
| BofA Securities, Inc. | $43K | 4.02% |
| UBS Securities LLC | $41K | 3.88% |
QUAL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $12.0B | 34.86% |
| Morgan Stanley & Co. LLC | $7.6B | 22.17% |
| Goldman Sachs & Co. LLC | $3.4B | 9.81% |
| Jane Street Capital, LLC | $3.2B | 9.37% |
| Citadel Securities LLC | $2.2B | 6.29% |
| Citigroup Global Markets Inc. | $2.1B | 6.17% |
| Virtu Americas LLC | $1.9B | 5.49% |
| ABN Amro Securities (USA) LLC | $706.1M | 2.05% |
| RBC Capital Markets, LLC | $657.7M | 1.91% |
| J.P. Morgan Securities LLC | $653.2M | 1.89% |
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.