AFSM Fees and Costs — First Trust Active Factor Small Cap ETF
Data updated: 2026-07-22
The net expense ratio is 0.75%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $14K in broker commissions, 0.0441% of average net assets, and portfolio turnover was 65%.
AFSM Fees and Expenses
Annual operating expenses and sales charges of AFSM. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.75% |
| Fee waiver | — |
| Net expense ratio | 0.75% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
AFSM Costs Over Time
On $10,000 invested in AFSM, assuming 5% a year before costs, total costs come to $499 over 5 years, cutting the return by 0.83% 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 0.75%) | $79 | $246 | $428 |
| Trading costs (broker commissions) | $5 | $14 | $25 |
| Lost growth on money paid in costs | $0 | $13 | $46 |
| Total costs | $83 | $274 | $499 |
| Value after costs | $10,417 | $11,303 | $12,264 |
| Impact on return, per year | 0.83% | 0.83% | 0.83% |
AFSM Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending August 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0441%
- Total broker commissions: $14K
- Bought from dealers (principal trades, not a cost): $47.2M
- Portfolio turnover (prospectus): 65%
- Securities lending: none during the year
AFSM Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MIZUHO SECURITIES USA LLC | $6K | 46.18% |
| CANTOR FITZGERALD & CO. | $5K | 37.89% |
| GOLDMAN SACHS & CO. LLC | $1K | 10.49% |
| BTIG, LLC | $400 | 2.87% |
| BNP Paribas Securities Corp. | $255 | 1.83% |
| RBC CAPITAL MARKETS, LLC | $85 | 0.61% |
| CITADEL SECURITIES LLC | $20 | 0.14% |
AFSM Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| CITADEL SECURITIES LLC | $17.4M | 36.82% |
| CANTOR FITZGERALD & CO. | $9.7M | 20.47% |
| ABN AMRO Clearing USA LLC | $9.2M | 19.48% |
| BOFA SECURITIES, INC. | $4.9M | 10.29% |
| GOLDMAN SACHS & CO. LLC | $3.2M | 6.70% |
| VIRTU AMERICAS LLC | $2.9M | 6.25% |
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.