FDL Fees and Costs — First Trust Morningstar Dividend Leaders Index Fund
Data updated: 2026-08-21
The net expense ratio is 0.43%: a 0.30% management fee plus 0.13% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.4M in broker commissions, 0.0254% of average net assets, and portfolio turnover was 58%.
FDL Fees and Expenses
Annual operating expenses and sales charges of FDL. Prospectus, as of December 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.30% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.13% |
| Gross expense ratio | 0.43% |
| Fee waiver | — |
| Net expense ratio | 0.43% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
FDL Costs Over Time
On $10,000 invested in FDL, assuming 5% a year before costs, total costs come to $288 over 5 years, cutting the return by 0.48% 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 0.43%) | $45 | $142 | $247 |
| Trading costs (broker commissions) | $3 | $8 | $15 |
| Lost growth on money paid in costs | $0 | $7 | $26 |
| Total costs | $48 | $157 | $288 |
| Value after costs | $10,452 | $11,419 | $12,475 |
| Impact on return, per year | 0.48% | 0.48% | 0.48% |
FDL 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): 0.0254%
- Total broker commissions: $1.4M
- Bought from dealers (principal trades, not a cost): $4.2B
- Portfolio turnover (prospectus): 58%
- Securities lending: none during the year
FDL Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC CAPITAL MARKETS, LLC | $923K | 66.65% |
| SUSQUEHANNA FINANCIAL GROUP, LLLP | $259K | 18.73% |
| OLD MISSION MARKETS LLC | $135K | 9.79% |
| CANTOR FITZGERALD & CO. | $35K | 2.50% |
| CITADEL SECURITIES LLC | $15K | 1.05% |
| Mizuho Securities USA LLC | $7K | 0.54% |
| GOLDMAN SACHS & CO. LLC | $4K | 0.28% |
| J.P. MORGAN SECURITIES LLC | $3K | 0.22% |
| BNP Paribas Securities Corp. | $2K | 0.13% |
| BTIG, LLC | $2K | 0.11% |
FDL Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| RBC CAPITAL MARKETS, LLC | $2.9B | 68.40% |
| BOFA SECURITIES, INC. | $740.9M | 17.46% |
| VIRTU AMERICAS LLC | $229.3M | 5.40% |
| GOLDMAN SACHS & CO. LLC | $154.9M | 3.65% |
| JANE STREET CAPITAL, LLC | $105.3M | 2.48% |
| BNP PARIBAS SECURITIES CORP. | $53.9M | 1.27% |
| J.P. Morgan Securities LLC | $39.5M | 0.93% |
| ABN AMRO Clearing USA LLC | $10.3M | 0.24% |
| ALLETE INC | $6.9M | 0.16% |
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.