FSDAX Fees and Costs — Select Defense and Aerospace Portfolio
Data updated: 2026-07-24
The net expense ratio is 0.63%: a 0.62% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $218K in broker commissions, 0.0075% of average net assets, and portfolio turnover was 18%.
FSDAX Fees and Expenses
Annual operating expenses and sales charges of FSDAX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.62% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.63% |
| Fee waiver | — |
| Net expense ratio | 0.63% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
FSDAX Costs Over Time
On $10,000 invested in FSDAX, assuming 5% a year before costs, total costs come to $402 over 5 years, cutting the return by 0.67% 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 0.63%) | $66 | $207 | $361 |
| Trading costs (broker commissions) | $1 | $2 | $4 |
| Lost growth on money paid in costs | $0 | $10 | $37 |
| Total costs | $67 | $220 | $402 |
| Value after costs | $10,433 | $11,356 | $12,361 |
| Impact on return, per year | 0.67% | 0.67% | 0.67% |
FSDAX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending February 28, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0075%
- Total broker commissions: $218K
- Bought from dealers (principal trades, not a cost): $18.0M
- Portfolio turnover (prospectus): 18%
- Securities on loan, average value: $34.9M
- Net income from securities lending: $28K (0.001% of average net assets)
FSDAX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE and CO | $23K | 14.43% |
| GOLDMAN SACHS GROUP INC (THE) | $22K | 13.53% |
| MORGAN STANLEY | $19K | 11.96% |
| JEFFERIES FINANCIAL GROUP INC | $19K | 11.92% |
| BANK OF AMERICA CORPORATION | $19K | 11.87% |
| UBS GROUP AG | $14K | 8.46% |
| VIRTU FINANCIAL INC | $12K | 7.58% |
| BAIRD FINANCIAL GROUP INC/WISCONSIN | $12K | 7.32% |
| TP ICAP GROUP PLC | $11K | 6.57% |
| CITIGROUP INC | $10K | 6.36% |
FSDAX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITIGROUP INC | $12.7M | 70.97% |
| JPMORGAN CHASE and CO | $4.2M | 23.40% |
| MORGAN STANLEY | $592K | 3.30% |
| GOLDMAN SACHS GROUP INC (THE) | $418K | 2.33% |
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.