SVAL Fees and Costs — iShares US Small Cap Value Factor ETF
Data updated: 2026-08-24
The net expense ratio is 0.20%. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $98K in broker commissions, 0.0777% of average net assets, and portfolio turnover was 8%.
SVAL Fees and Expenses
Annual operating expenses and sales charges of SVAL. Prospectus, as of March 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.20% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.20% |
| Fee waiver | — |
| Net expense ratio | 0.20% |
| 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 |
SVAL Costs Over Time
On $10,000 invested in SVAL, assuming 5% a year before costs, total costs come to $176 over 5 years, cutting the return by 0.29% 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 0.20%) | $21 | $66 | $115 |
| Trading costs (broker commissions) | $8 | $26 | $45 |
| Lost growth on money paid in costs | $0 | $5 | $16 |
| Total costs | $29 | $96 | $176 |
| Value after costs | $10,471 | $11,480 | $12,587 |
| Impact on return, per year | 0.29% | 0.29% | 0.29% |
SVAL 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): 0.0777%
- Total broker commissions: $98K
- Bought from dealers (principal trades, not a cost): $236.1M
- Portfolio turnover (prospectus): 8%
- Securities on loan, average value: $3.5M
- Net income from securities lending: $96K (0.076% of average net assets)
SVAL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Barclays Capital Inc. | $27K | 29.95% |
| UBS Securities LLC | $25K | 27.46% |
| Goldman Sachs & Co. LLC | $15K | 16.86% |
| RBC Capital Markets, LLC | $6K | 6.34% |
| Citigroup Global Markets Inc. | $5K | 5.19% |
| Cantor Fitzgerald & Co. | $3K | 3.67% |
| Morgan Stanley & Co. LLC | $3K | 3.29% |
| BNP Paribas Securities Corp. | $3K | 3.05% |
| J.P. Morgan Securities LLC | $2K | 2.17% |
| Jefferies LLC | $2K | 2.01% |
SVAL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Citadel Securities LLC | $100.3M | 42.50% |
| Goldman Sachs & Co. LLC | $74.4M | 31.53% |
| Citigroup Global Markets Inc. | $42.2M | 17.88% |
| BofA Securities, Inc. | $5.9M | 2.48% |
| Virtu Americas LLC | $4.7M | 2.01% |
| RBC Capital Markets, LLC | $3.5M | 1.49% |
| ABN Amro Securities (USA) LLC | $3.3M | 1.39% |
| Jane Street Capital, LLC | $1.7M | 0.72% |
| BNP Paribas Securities Corp. | $118 | 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.