STSEX Fees and Costs — BlackRock Exchange Portfolio, BlackRock Class
Data updated: 2026-08-26
The net expense ratio is 0.99%: a 0.50% management fee plus 0.53% other expenses, less a 0.04% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $821 in broker commissions, 0.0003% of average net assets, and portfolio turnover was 0%.
STSEX Fees and Expenses
Annual operating expenses and sales charges of STSEX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.50% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.53% |
| Gross expense ratio | 1.03% |
| Fee waiver | −0.04% |
| Net expense ratio | 0.99% |
| 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 |
STSEX Costs Over Time
On $10,000 invested in STSEX, assuming 5% a year before costs, total costs come to $620 over 5 years, cutting the return by 1.04% 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 0.99%) | $104 | $324 | $563 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $16 | $57 |
| Total costs | $104 | $341 | $620 |
| Value after costs | $10,396 | $11,236 | $12,143 |
| Impact on return, per year | 1.04% | 1.04% | 1.04% |
STSEX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0003%
- Total broker commissions: $821
- Bought from dealers (principal trades, not a cost): $10.7M
- Portfolio turnover (prospectus): 0%
- Securities on loan, average value: $281K
- Net income from securities lending: $434 (0.000% of average net assets)
STSEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| UBS Securities LLC | $383 | 46.65% |
| RBC CAPITAL MARKETS, LLC | $320 | 38.98% |
| MORGAN STANLEY & CO. LLC | $48 | 5.85% |
| TD SECURITIES (USA) LLC | $32 | 3.90% |
| J.P. Morgan Securities LLC | $20 | 2.44% |
| GOLDMAN SACHS & CO. LLC | $18 | 2.19% |
STSEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BlackRock Liquidity Funds T-Fund | $10.7M | 100.00% |
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.