FCEF Fees and Costs — First Trust Income Opportunities ETF
Data updated: 2026-07-22
The net expense ratio is 3.69%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $18K in broker commissions, 0.0417% of average net assets, and portfolio turnover was 15%.
FCEF Fees and Expenses
Annual operating expenses and sales charges of FCEF. Prospectus, as of August 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 3.69% |
| Fee waiver | — |
| Net expense ratio | 3.69% |
| 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 |
FCEF Costs Over Time
On $10,000 invested in FCEF, assuming 5% a year before costs, total costs come to $2,210 over 5 years, cutting the return by 3.92% 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 3.69%) | $387 | $1,175 | $1,980 |
| Trading costs (broker commissions) | $4 | $13 | $22 |
| Lost growth on money paid in costs | $0 | $60 | $208 |
| Total costs | $392 | $1,248 | $2,210 |
| Value after costs | $10,108 | $10,328 | $10,553 |
| Impact on return, per year | 3.92% | 3.92% | 3.92% |
FCEF 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): 0.0417%
- Total broker commissions: $18K
- Bought from dealers (principal trades, not a cost): $2.1M
- Portfolio turnover (prospectus): 15%
- Securities lending: none during the year
FCEF Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| SUSQUEHANNA FINANCIAL GROUP, LLLP | $5K | 27.01% |
| Stifel, Nicolaus & Co., Inc. | $5K | 25.93% |
| JONESTRADING | $5K | 25.32% |
| BTIG, LLC | $3K | 18.38% |
| GOLDMAN SACHS & CO. LLC | $611 | 3.35% |
| BOFA SECURITIES, INC. | $2 | 0.01% |
FCEF Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| VIRTU AMERICAS LLC | $1.1M | 50.22% |
| BOFA SECURITIES, INC. | $1.0M | 49.76% |
| BTIG LLC | $494 | 0.02% |
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.