FALCX Fees and Costs — Strategic Advisers Large Cap Fund
Data updated: 2024-08-13
The net expense ratio is 0.24% (0.49% before fee waivers). There are no sales loads or redemption fees. In fiscal 2024 the fund paid $8.3M in broker commissions, 0.0148% of average net assets, and portfolio turnover was 67%.
FALCX Fees and Expenses
Annual operating expenses and sales charges of FALCX. Prospectus, as of July 31, 2023.
| Annual operating expenses | |
|---|---|
| Management fee | 0.43% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.49% |
| Fee waiver | −0.25% |
| Net expense ratio | 0.24% |
| 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 |
FALCX Costs Over Time
On $10,000 invested in FALCX, assuming 5% a year before costs, total costs come to $162 over 5 years, cutting the return by 0.27% 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 0.24%) | $25 | $79 | $139 |
| Trading costs (broker commissions) | $2 | $5 | $9 |
| Lost growth on money paid in costs | $0 | $4 | $15 |
| Total costs | $27 | $88 | $162 |
| Value after costs | $10,473 | $11,488 | $12,601 |
| Impact on return, per year | 0.27% | 0.27% | 0.27% |
FALCX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0148%
- Total broker commissions: $8.3M
- Bought from dealers (principal trades, not a cost): $27.2M
- Portfolio turnover (prospectus): 67%
- Securities on loan, average value: $216.3M
- Net income from securities lending: $1.1M (0.002% of average net assets)
FALCX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY | $924K | 17.50% |
| BANK OF AMERICA CORPORATION | $776K | 14.70% |
| JEFFERIES FINANCIAL GROUP INC | $768K | 14.55% |
| GOLDMAN SACHS GROUP INC (THE) | $651K | 12.33% |
| UBS GROUP AG | $471K | 8.93% |
| JPMORGAN CHASE and CO | $468K | 8.86% |
| BARCLAYS PLC | $378K | 7.16% |
| THE TORONTO DOMINION BANK | $297K | 5.63% |
| STIFEL FINANCIAL CORP | $276K | 5.22% |
| CITIGROUP INC | $270K | 5.12% |
FALCX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE and CO | $8.9M | 32.89% |
| ASL CAPITAL MARKETS | $8.3M | 30.35% |
| RBC Investor Services Trust | $4.2M | 15.42% |
| CITIGROUP INC | $2.8M | 10.35% |
| DEUTSCHE BANK AG | $2.1M | 7.66% |
| WELLS FARGO and CO | $365K | 1.34% |
| Instinet LTD | $245K | 0.90% |
| CITADEL SECURITIES LP | $236K | 0.87% |
| BANK OF MONTREAL QUE | $60K | 0.22% |
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.