BlackRock Fund Advisors, the investment adviser to the fund, has contractually agreed to waive a portion of its management fee so the fund's total annual fund operating expenses after the fee waiver will not exceed 0.08% through 28 February 2025.
State Street Global Advisors slashes fees on S&P 500 ETFs
The contractual waiver may be terminated prior to that date, the firm said, but only upon written agreement.
According to the ETF's prospectus, the previous total annual operating expense did not surpass 15bps. Total management fees currently stand at 22bps.
The filing said that for the fiscal years ended 31 October 2022, 31 October 2021 and 31 October 2020, the fund advisers waived $5.4m, $5.4m and $3.1m of its management fees, respectively.