FMADX Fees and Costs — Fidelity SAI Merger Arbitrage Fund
Data updated: 2026-09-23
The net expense ratio is 1.10%: a 1.05% management fee plus 0.13% other expenses, less a 0.08% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $137K in broker commissions, 0.0705% of average net assets, and portfolio turnover was 110%.
FMADX Fees and Expenses
Annual operating expenses and sales charges of FMADX. Prospectus, as of April 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.05% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.13% |
| Gross expense ratio | 1.18% |
| Fee waiver | −0.08% |
| Net expense ratio | 1.10% |
| 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 |
FMADX Costs Over Time
On $10,000 invested in FMADX, assuming 5% a year before costs, total costs come to $730 over 5 years, cutting the return by 1.23% 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 1.10%) | $116 | $360 | $623 |
| Trading costs (broker commissions) | $7 | $23 | $40 |
| Lost growth on money paid in costs | $0 | $19 | $67 |
| Total costs | $123 | $402 | $730 |
| Value after costs | $10,377 | $11,174 | $12,033 |
| Impact on return, per year | 1.23% | 1.23% | 1.23% |
FMADX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending January 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0705%
- Total broker commissions: $137K
- Bought from dealers (principal trades, not a cost): $128.8M
- Portfolio turnover (prospectus): 110%
- Securities lending: none during the year
FMADX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CONDOR TRADING LLC | $21K | 18.37% |
| BANK OF AMERICA CORPORATION | $20K | 17.40% |
| GOLDMAN SACHS GROUP INC (THE) | $19K | 16.19% |
| MORGAN STANLEY | $13K | 11.17% |
| BARCLAYS PLC | $12K | 10.75% |
| RAYMOND JAMES FINANCIAL INC. | $7K | 6.29% |
| UBS GROUP AG | $6K | 5.30% |
| MIZUHO FINANCIAL GROUP INC | $6K | 5.07% |
| TP ICAP GROUP PLC | $6K | 4.79% |
| JPMORGAN CHASE and CO | $5K | 4.66% |
FMADX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| WELLS FARGO and CO | $43.3M | 33.59% |
| BANK OF MONTREAL QUE | $29.9M | 23.19% |
| JEFFERIES FINANCIAL GROUP INC | $25.9M | 20.09% |
| CITIGROUP INC | $15.9M | 12.35% |
| NOMURA HOLDINGS INC | $13.9M | 10.78% |
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.