FSMUX Fees and Costs — Strategic Advisers Municipal Bond Fund
Data updated: 2026-08-12
The net expense ratio is 0.19% (0.44% before fee waivers). There are no sales loads or redemption fees. In fiscal 2026 the fund paid $78K in broker commissions, 0.0006% of average net assets, and portfolio turnover was 24%.
FSMUX Fees and Expenses
Annual operating expenses and sales charges of FSMUX. Prospectus, as of July 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.33% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.44% |
| Fee waiver | −0.25% |
| Net expense ratio | 0.19% |
| 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 |
FSMUX Costs Over Time
On $10,000 invested in FSMUX, assuming 5% a year before costs, total costs come to $121 over 5 years, cutting the return by 0.20% 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 0.19%) | $20 | $63 | $110 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $3 | $11 |
| Total costs | $20 | $66 | $121 |
| Value after costs | $10,480 | $11,510 | $12,642 |
| Impact on return, per year | 0.20% | 0.20% | 0.20% |
FSMUX 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): 0.0006%
- Total broker commissions: $78K
- Bought from dealers (principal trades, not a cost): $4.3B
- Portfolio turnover (prospectus): 24%
- Securities lending: none during the year
FSMUX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| JANE STREET GROUP LLC | $18K | 23.17% |
| JPMORGAN CHASE and CO | $15K | 19.93% |
| MORGAN STANLEY | $13K | 17.31% |
| GOLDMAN SACHS GROUP INC (THE) | $13K | 16.76% |
| MIZUHO FINANCIAL GROUP INC | $8K | 9.93% |
| OLD MISSION GROUP LLC | $3K | 4.27% |
| BANK OF AMERICA CORPORATION | $3K | 3.82% |
| FLOW TRADERS LTD | $2K | 2.91% |
| CITIGROUP INC | $908 | 1.17% |
| BARCLAYS PLC | $567 | 0.73% |
FSMUX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| JPMORGAN CHASE and CO | $821.5M | 25.14% |
| WELLS FARGO and CO | $490.2M | 15.00% |
| BANK OF AMERICA CORPORATION | $404.7M | 12.38% |
| THE TORONTO DOMINION BANK | $388.6M | 11.89% |
| MORGAN STANLEY | $319.3M | 9.77% |
| GOLDMAN SACHS GROUP INC (THE) | $269.5M | 8.25% |
| JEFFERIES FINANCIAL GROUP INC | $169.1M | 5.17% |
| BARCLAYS PLC | $157.6M | 4.82% |
| PIPER SANDLER COS | $127.8M | 3.91% |
| RBC Investor Services Trust | $119.8M | 3.67% |
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.