FAUDX Fees and Costs — Strategic Advisers Short Duration Fund
Data updated: 2026-08-12
The net expense ratio is 0.21% (0.46% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $269K in broker commissions, 0.0077% of average net assets, and portfolio turnover was 132%.
FAUDX Fees and Expenses
Annual operating expenses and sales charges of FAUDX. Prospectus, as of July 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.29% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.46% |
| Fee waiver | −0.25% |
| Net expense ratio | 0.21% |
| 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 |
FAUDX Costs Over Time
On $10,000 invested in FAUDX, assuming 5% a year before costs, total costs come to $138 over 5 years, cutting the return by 0.23% 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 0.21%) | $22 | $69 | $121 |
| Trading costs (broker commissions) | $1 | $3 | $4 |
| Lost growth on money paid in costs | $0 | $4 | $13 |
| Total costs | $23 | $75 | $138 |
| Value after costs | $10,477 | $11,501 | $12,624 |
| Impact on return, per year | 0.23% | 0.23% | 0.23% |
FAUDX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0077%
- Total broker commissions: $269K
- Bought from dealers (principal trades, not a cost): $5.3B
- Portfolio turnover (prospectus): 132%
- Securities on loan, average value: $25.1M
- Net income from securities lending: $35K (0.001% of average net assets)
FAUDX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| FLOW TRADERS LTD | $65K | 24.82% |
| JANE STREET GROUP LLC | $43K | 16.54% |
| GOLDMAN SACHS GROUP INC (THE) | $43K | 16.51% |
| MIZUHO FINANCIAL GROUP INC | $35K | 13.32% |
| OLD MISSION GROUP LLC | $21K | 8.12% |
| CITADEL SECURITIES GLOBAL HOLDINGS LLC | $17K | 6.41% |
| BANK OF AMERICA CORPORATION | $11K | 4.03% |
| MORGAN STANLEY | $10K | 3.79% |
| SUSQUEHANNA INTERNATIONAL GROU P, LLP | $10K | 3.78% |
| JPMORGAN CHASE and CO | $7K | 2.68% |
FAUDX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS GROUP INC (THE) | $598.3M | 14.93% |
| BANK OF MONTREAL QUE | $570.1M | 14.23% |
| BANK OF AMERICA CORPORATION | $440.2M | 10.99% |
| BARCLAYS PLC | $412.4M | 10.29% |
| BNP PARIBAS | $376.6M | 9.40% |
| MORGAN STANLEY | $365.8M | 9.13% |
| THE TORONTO DOMINION BANK | $334.0M | 8.34% |
| CITIGROUP INC | $314.2M | 7.84% |
| Instinet LTD | $302.4M | 7.55% |
| CITADEL SECURITIES GLOBAL HOLDINGS LLC | $292.5M | 7.30% |
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.