SLASX Fees and Costs — Selected American Shares, Class S
Data updated: 2026-08-27
The net expense ratio is 0.97%: a 0.55% management fee, a 0.25% 12b-1 fee plus 0.17% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $265K in broker commissions, 0.0147% of average net assets, and portfolio turnover was 15%.
SLASX Fees and Expenses
Annual operating expenses and sales charges of SLASX. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.55% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.17% |
| Gross expense ratio | 0.97% |
| Fee waiver | — |
| Net expense ratio | 0.97% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
SLASX Costs Over Time
On $10,000 invested in SLASX, assuming 5% a year before costs, total costs come to $616 over 5 years, cutting the return by 1.03% 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 0.97%) | $102 | $318 | $551 |
| Trading costs (broker commissions) | $2 | $5 | $8 |
| Lost growth on money paid in costs | $0 | $16 | $56 |
| Total costs | $103 | $339 | $616 |
| Value after costs | $10,397 | $11,238 | $12,147 |
| Impact on return, per year | 1.03% | 1.03% | 1.03% |
SLASX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0147%
- Total broker commissions: $265K
- Bought from dealers (principal trades, not a cost): $5.9B
- Portfolio turnover (prospectus): 15%
- Securities on loan, average value: $1.2M
- Net income from securities lending: $5K (0.000% of average net assets)
SLASX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BMO Capital Markets Corp. | $37K | 16.93% |
| UBS Securities LLC | $32K | 14.84% |
| J.P. Morgan Securities LLC | $23K | 10.71% |
| Jefferies LLC | $23K | 10.50% |
| Sanford C. Bernstein & Co., LLC | $22K | 10.28% |
| Allen & Company LLC | $22K | 10.08% |
| Citigroup Global Markets, Inc. | $20K | 9.07% |
| Goldman, Sachs & Co. LLC | $17K | 8.03% |
| Piper Sandler & Co. | $11K | 5.21% |
| Merrill Lynch, Pierce, Fenner & Smith Incorporated | $9K | 4.36% |
SLASX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| StoneX Financial Inc. | $4.1B | 69.16% |
| Nomura Securities International, Inc. | $1.7B | 29.12% |
| Reflow Services, LLC | $83.1M | 1.41% |
| Brean Capital, LLC | $18.7M | 0.32% |
Selected American Shares Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| SLADX | Class D | 0.65% | none |
| SLASX | Class S | 0.97% | none |
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.