DVOL Fees and Costs — First Trust Dorsey Wright Momentum & Low Volatility ETF
Data updated: 2026-08-21
The net expense ratio is 0.60%. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $12K in broker commissions, 0.0255% of average net assets, and portfolio turnover was 152%.
DVOL Fees and Expenses
Annual operating expenses and sales charges of DVOL. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.60% |
| Fee waiver | — |
| Net expense ratio | 0.60% |
| 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 |
DVOL Costs Over Time
On $10,000 invested in DVOL, assuming 5% a year before costs, total costs come to $394 over 5 years, cutting the return by 0.66% 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 0.60%) | $63 | $197 | $344 |
| Trading costs (broker commissions) | $3 | $8 | $15 |
| Lost growth on money paid in costs | $0 | $10 | $36 |
| Total costs | $66 | $216 | $394 |
| Value after costs | $10,434 | $11,360 | $12,369 |
| Impact on return, per year | 0.66% | 0.66% | 0.66% |
DVOL Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.0255%
- Total broker commissions: $12K
- Bought from dealers (principal trades, not a cost): $85.2M
- Portfolio turnover (prospectus): 152%
- Securities lending: none during the year
DVOL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| MIZUHO SECURITIES USA LLC | $4K | 34.28% |
| CANTOR FITZGERALD & CO. | $4K | 28.04% |
| BOFA SECURITIES, INC. | $3K | 21.51% |
| BTIG, LLC | $2K | 15.96% |
| RBC CAPITAL MARKETS, LLC | $14 | 0.12% |
| OLD MISSION MARKETS LLC | $10 | 0.08% |
| CITADEL SECURITIES LLC | $1 | 0.01% |
DVOL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| BOFA SECURITIES, INC. | $33.3M | 39.05% |
| GOLDMAN SACHS & CO. LLC | $30.7M | 35.98% |
| CITADEL SECURITIES LLC | $14.2M | 16.64% |
| RBC CAPITAL MARKETS, LLC | $5.5M | 6.45% |
| Jane Street Execution Services, LLC | $1.6M | 1.89% |
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.