USMV Fees and Costs — iShares MSCI USA Min Vol 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 $527K in broker commissions, 0.0023% of average net assets, and portfolio turnover was 22%.
USMV Fees and Expenses
Annual operating expenses and sales charges of USMV. 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 | — |
USMV Costs Over Time
On $10,000 invested in USMV, 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% |
USMV 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): 0.0023%
- Total broker commissions: $527K
- Bought from dealers (principal trades, not a cost): $13.4B
- Portfolio turnover (prospectus): 22%
USMV Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BNP Paribas Securities Corp. | $90K | 19.83% |
| UBS Securities LLC | $68K | 14.91% |
| Goldman Sachs & Co. LLC | $64K | 13.95% |
| J.P. Morgan Securities LLC | $54K | 11.78% |
| Barclays Capital Inc. | $52K | 11.43% |
| Jefferies LLC | $40K | 8.84% |
| Citigroup Global Markets Inc. | $24K | 5.23% |
| BofA Securities, Inc. | $22K | 4.89% |
| Morgan Stanley & Co. LLC | $22K | 4.88% |
| Instinet, LLC | $19K | 4.26% |
USMV Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $2.8B | 21.88% |
| Virtu Americas LLC | $2.5B | 19.06% |
| Morgan Stanley & Co. LLC | $2.3B | 17.38% |
| Citigroup Global Markets Inc. | $1.6B | 12.14% |
| Jane Street Capital, LLC | $1.2B | 9.62% |
| BNP Paribas Securities Corp. | $772.5M | 5.96% |
| Citadel Securities LLC | $765.2M | 5.90% |
| Goldman Sachs & Co. LLC | $405.1M | 3.12% |
| RBC Capital Markets, LLC | $339.8M | 2.62% |
| J.P. Morgan Securities LLC | $301.0M | 2.32% |
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.