FSMEX Fees and Costs — Select Medical Technology and Devices Portfolio
Data updated: 2026-07-24
The net expense ratio is 0.62%: a 0.61% management fee plus 0.01% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $935K in broker commissions, 0.0220% of average net assets, and portfolio turnover was 54%.
FSMEX Fees and Expenses
Annual operating expenses and sales charges of FSMEX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.61% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.01% |
| Gross expense ratio | 0.62% |
| Fee waiver | — |
| Net expense ratio | 0.62% |
| 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 |
FSMEX Costs Over Time
On $10,000 invested in FSMEX, assuming 5% a year before costs, total costs come to $404 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 0.62%) | $65 | $204 | $355 |
| Trading costs (broker commissions) | $2 | $7 | $13 |
| Lost growth on money paid in costs | $0 | $10 | $37 |
| Total costs | $67 | $222 | $404 |
| Value after costs | $10,433 | $11,355 | $12,358 |
| Impact on return, per year | 0.67% | 0.67% | 0.67% |
FSMEX 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): 0.0220%
- Total broker commissions: $935K
- Bought from dealers (principal trades, not a cost): $43.0M
- Portfolio turnover (prospectus): 54%
- Securities on loan, average value: $40.1M
- Net income from securities lending: $117K (0.003% of average net assets)
FSMEX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| GOLDMAN SACHS GROUP INC (THE) | $132K | 19.19% |
| BANK OF AMERICA CORPORATION | $99K | 14.36% |
| MORGAN STANLEY | $99K | 14.32% |
| JPMORGAN CHASE and CO | $84K | 12.21% |
| CITIGROUP INC | $82K | 11.94% |
| UBS GROUP AG | $60K | 8.71% |
| VIRTU FINANCIAL INC | $39K | 5.60% |
| JEFFERIES FINANCIAL GROUP INC | $38K | 5.54% |
| TP ICAP GROUP PLC | $28K | 4.10% |
| CONDOR TRADING LLC | $28K | 4.04% |
FSMEX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE and CO | $21.3M | 49.62% |
| BARCLAYS PLC | $6.6M | 15.27% |
| BANK OF AMERICA CORPORATION | $6.1M | 14.24% |
| MORGAN STANLEY | $5.4M | 12.66% |
| GOLDMAN SACHS GROUP INC (THE) | $3.5M | 8.20% |
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.