EMSQX Fees and Costs — Shelton Emerging Markets Fund, Institutional Class
Data updated: 2026-08-31
The net expense ratio is 0.98%: a 1.00% management fee plus 0.85% other expenses, less a 0.87% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $53K in broker commissions, 0.2406% of average net assets, and portfolio turnover was 82%.
EMSQX Fees and Expenses
Annual operating expenses and sales charges of EMSQX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.85% |
| Gross expense ratio | 1.85% |
| Fee waiver | −0.87% |
| Net expense ratio | 0.98% |
| 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 | Yes |
EMSQX Costs Over Time
On $10,000 invested in EMSQX, assuming 5% a year before costs, total costs come to $760 over 5 years, cutting the return by 1.28% 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 0.98%) | $103 | $320 | $554 |
| Trading costs (broker commissions) | $25 | $79 | $136 |
| Lost growth on money paid in costs | $0 | $20 | $70 |
| Total costs | $128 | $419 | $760 |
| Value after costs | $10,372 | $11,158 | $12,003 |
| Impact on return, per year | 1.28% | 1.28% | 1.28% |
EMSQX 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): 0.2406%
- Total broker commissions: $53K
- Bought from dealers (principal trades, not a cost): $22.3M
- Portfolio turnover (prospectus): 82%
- Securities on loan, average value: $563K
- Net income from securities lending: $10K (0.044% of average net assets)
EMSQX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| INSTINET INC | $49K | 93.42% |
| JEFFERIES GROUP | $3K | 5.68% |
| WOLVERINE EXECUTION SERVICES | $472 | 0.90% |
EMSQX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS | $9.8M | 43.73% |
| WELLS FARGO BANK | $9.5M | 42.43% |
| MORGAN STANLEY SMITH BARNEY | $3.1M | 13.83% |
Shelton Emerging Markets Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| EMSQX | Institutional Class | 0.98% | — |
| EMSLX | Investor Class | 1.23% | — |
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.