SMMD Fees and Costs — iShares Russell 2500 ETF
Data updated: 2026-08-25
The net expense ratio is 0.15% (0.23% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $61K in broker commissions, 0.0034% of average net assets, and portfolio turnover was 8%.
SMMD Fees and Expenses
Annual operating expenses and sales charges of SMMD. 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 | 0.23% |
| Fee waiver | −0.08% |
| Net expense ratio | 0.15% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
SMMD Costs Over Time
On $10,000 invested in SMMD, assuming 5% a year before costs, total costs come to $98 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 | $98 |
| Value after costs | $10,484 | $11,523 | $12,665 |
| Impact on return, per year | 0.16% | 0.16% | 0.16% |
SMMD 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): 0.0034%
- Total broker commissions: $61K
- Bought from dealers (principal trades, not a cost): $1.9B
- Portfolio turnover (prospectus): 8%
- Securities on loan, average value: $597.3M
- Net income from securities lending: $2.4M (0.132% of average net assets)
SMMD Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Goldman Sachs & Co. LLC | $13K | 25.00% |
| BofA Securities, Inc. | $11K | 19.99% |
| BNP Paribas Securities Corp. | $5K | 8.98% |
| Pershing LLC | $5K | 8.96% |
| J.P. Morgan Securities LLC | $4K | 8.04% |
| RBC Capital Markets, LLC | $4K | 7.83% |
| TD SECURITIES (USA) LLC | $4K | 6.83% |
| UBS Securities LLC | $3K | 6.11% |
| Morgan Stanley & Co. LLC | $2K | 4.46% |
| Wells Fargo Securities, LLC | $2K | 3.79% |
SMMD Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| National Securities Clearing Corp. | $1.8B | 93.72% |
| BlackRock Liquidity Funds T-Fund | $120.7M | 6.26% |
| Citadel Securities LLC | $86K | 0.00% |
| BofA Securities, Inc. | $85K | 0.00% |
| J.P. Morgan Securities LLC | $73K | 0.00% |
| Jane Street Capital, LLC | $70K | 0.00% |
| Virtu Americas LLC | $52K | 0.00% |
| ABN AMRO Clearing Chicago LLC | $17K | 0.00% |
| RBC Capital Markets, LLC | $11K | 0.00% |
| Goldman Sachs & Co. LLC | $11K | 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.