TOPC Fees and Costs — iShares S&P 500 3% Capped ETF
Data updated: 2026-08-25
The net expense ratio is 0.09% (0.15% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $105 in broker commissions, 0.0007% of average net assets.
TOPC Fees and Expenses
Annual operating expenses and sales charges of TOPC. Prospectus, as of April 2, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.15% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.15% |
| Fee waiver | −0.06% |
| Net expense ratio | 0.09% |
| 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 |
TOPC Costs Over Time
On $10,000 invested in TOPC, assuming 5% a year before costs, total costs come to $58 over 5 years, cutting the return by 0.10% 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 0.09%) | $9 | $30 | $52 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $1 | $5 |
| Total costs | $10 | $31 | $58 |
| Value after costs | $10,490 | $11,545 | $12,705 |
| Impact on return, per year | 0.10% | 0.10% | 0.10% |
TOPC 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): 0.0007%
- Total broker commissions: $105
- Bought from dealers (principal trades, not a cost): $26.5M
- Portfolio turnover (prospectus): —
- Securities on loan, average value: $8K
- Net income from securities lending: $272 (0.002% of average net assets)
TOPC Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Citigroup Global Markets Inc. | $26 | 27.90% |
| J.P. Morgan Securities LLC | $13 | 13.74% |
| BofA Securities, Inc. | $10 | 11.12% |
| Morgan Stanley & Co. LLC | $10 | 10.44% |
| Pershing LLC | $9 | 9.95% |
| UBS Securities LLC | $6 | 6.94% |
| Goldman Sachs & Co. LLC | $6 | 6.37% |
| Barclays Capital, Inc. | $5 | 5.10% |
| RBC Capital Markets, LLC | $5 | 5.01% |
| BNP Paribas Securities Corp. | $3 | 3.44% |
TOPC Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| National Securities Clearing Corp. | $25.8M | 97.27% |
| BlackRock Liquidity Funds T-Fund | $639K | 2.41% |
| UBS Securities LLC | $23K | 0.09% |
| Citigroup Global Markets Inc. | $16K | 0.06% |
| J.P. Morgan Securities LLC | $13K | 0.05% |
| Morgan Stanley & Co. LLC | $10K | 0.04% |
| Goldman Sachs & Co. LLC | $7K | 0.03% |
| BNP Paribas Securities Corp. | $5K | 0.02% |
| BofA Securities, Inc. | $5K | 0.02% |
| Barclays Capital, Inc. | $3K | 0.01% |
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.