FMFLX Fees and Costs — Fidelity SAI Managed Futures Fund
Data updated: 2026-09-23
The net expense ratio is 1.05%: a 1.00% management fee plus 0.18% other expenses, less a 0.13% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $56K in broker commissions, 0.0520% of average net assets, and portfolio turnover was 0%.
FMFLX Fees and Expenses
Annual operating expenses and sales charges of FMFLX. Prospectus, as of April 1, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 1.00% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.18% |
| Gross expense ratio | 1.18% |
| Fee waiver | −0.13% |
| Net expense ratio | 1.05% |
| 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 |
FMFLX Costs Over Time
On $10,000 invested in FMFLX, assuming 5% a year before costs, total costs come to $688 over 5 years, cutting the return by 1.16% 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 1.05%) | $110 | $344 | $595 |
| Trading costs (broker commissions) | $5 | $17 | $29 |
| Lost growth on money paid in costs | $0 | $18 | $63 |
| Total costs | $116 | $379 | $688 |
| Value after costs | $10,384 | $11,198 | $12,075 |
| Impact on return, per year | 1.16% | 1.16% | 1.16% |
FMFLX 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): 0.0520%
- Total broker commissions: $56K
- Bought from dealers (principal trades, not a cost): $291.7M
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
FMFLX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS GROUP INC (THE) | $39K | 69.25% |
| MORGAN STANLEY | $6K | 10.18% |
| JPMORGAN CHASE and CO | $6K | 9.90% |
| BARCLAYS PLC | $3K | 4.87% |
| ROYAL BANK OF CANADA | $2K | 3.76% |
| UBS GROUP AG | $1K | 2.04% |
FMFLX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| MORGAN STANLEY | $82.5M | 28.29% |
| WELLS FARGO and CO | $72.3M | 24.77% |
| DEUTSCHE BANK AG | $46.5M | 15.96% |
| BANK OF MONTREAL QUE | $34.6M | 11.86% |
| BARCLAYS PLC | $16.7M | 5.74% |
| JEFFERIES FINANCIAL GROUP INC | $15.1M | 5.19% |
| NOMURA HOLDINGS INC | $13.1M | 4.50% |
| CITIGROUP INC | $10.8M | 3.69% |
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.